SURVEY of CURRENT BUSINESS September 1939 Monthly Business Indicators, 1929-39

SEPTEMBER 1939 SURVEY OF CURRENT BUSINESS

UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 19 NUMBER 9 THE INPUSTIIIAL MARKET DATA HANDBOOK OF THE UNITED STATES Domestic Commerce Series No. 107 s $2.50 (Buckram)

The Industrial Market Data Handbook contains complete figures on industrial production, employment, value of products, cost of material, fuel and power, and output per wage earner for the 3,070 counties in the United States, and similar data for every city with a population of 10,000 and over. Included is a tabulation of the county location of 169,111 manufacturing plants by kind of industry. Parallel tables covering the mining industry of the country including a county location table for each of the 23,000 mines by type of mine is a part of this Handbook. The data described are for the year 1935. None of these have been available in such detail and a number are presented for the first time. The Handbook is especially valuable in estimating sizes and locations of markets, potential values of markets, for the establishment or reappraisals of sales territories, setting up sales and production quotas, making market analyses, planning sales and advertising campaigns, and in deciding on channels of distribution likely to be most profitable to the manufacturer. It is of special value to: Manufacturers, industrial marketing men, sales executives, finance companies, purchasing agents, advertising agents, economists, and research groups of universities and colleges.

DISTRIBUTION COST ACCOUNTING FOR WHOLESALING Domestic Commerce Series No. 106 :15c a copy

This manual contains a complete discussion of distribution cost accounting procedure for wholesaling activities, as well as much valuable information for anyone confronted with a distribution cost problem. Particularly valuable is the information explaining how business records may be analyzed to determine the cost of each merchandising department, each commodity, each customer group, and each territory of sales operation. All methods of cost allocations and expense break-downs used in the handbook have been tested and found satisfactory either by the Department of Commerce or by trade associations and accountants of national recognition. With the advent of recent Federal and State legislation relative to distribution, the subject of distribution cost accounting is receiving the keen attention of executives and others interested in distributive fields. This handbook contains detailed explanations and numerous illustrations.

Copies of any of the above publications may be obtained at the price stated from either the Superintendent of Documents, Government Printing Office, Washington, D. C, or through any of the District and Cooperative Offices of the Bureau of Foreign and Domestic Com- merce located in principal commercial and industrial centers throughout the United States. Full remittance should accompany each order. Volume 19 Number 9

UNITED STATES DEPARTMENT OF COMMERCE HARRY L. HOPKINS, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE F. H. RAWLS, Acting Director

SURVEY OF CURRENT BUSINESS

SEPTEMBER 1939

A publication of the DIVISION OF BUSINESS REVIEW M. JOSEPH MEEHAN, Chief

TABLE OF CONTENTS

SUMMARIES Page CHARTS—Continued Page Business situation summarized. 3 Figure 4.—Distribution of number of benefits for total and partial Employment unemployment, by amount of benefit check, April-June 1939. . . 12 Domestic trade Figure 5.—Unemployment compensation: Cumulative collections Foreign trade and interest, cumulative benefit payments, and funds available Construction and real estate.... for benefits, in 23 states, January 1938-June 1939 14 Figure 6.—Unemployment compensation benefit payments and SPECIAL ARTICLES contributions collected in the 23 States paying benefits, since Trends in wholesale volume, 1929-38 11 January 1, 1938, by quarters 15 Financial aspects of unemployment compensation experience 12 Figure 7.—Unemployment compensation: Cumulative collections and interest, cumulative benefit payments, and funds available for CHARTS benefits, in Texas and West Virginia, January 1938-June 1939.... 16

Figure 1.—Monthly business indicators, 1929-39 2 STATISTICAL DATA Figure 2.—Factory shipments of vacuum cleaners and factory sales of washing machines and electric refrigerators, by months, 1935-39 3 Monthly business statistics 19 Figure 3.—Shipments of building materials, by months, 1937-39... 5 General index Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, IS cents; weekly, 5 cents* Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40 cents* Make remittances only to Superintendent of Documents, Washington, D. C. 173409—39 1 1 SURVEY OF CURRENT BUSINESS September 1939 Monthly Business Indicators, 1929-39

INDUSTRIAL PRODUCTION INCOME PAYMENTS AND CASH FARM INCOME 140 voLUME (1923-25 = 100) MONTHLY INCOME PAYMENTS (1929=100) 120 CASH FARM INCOME (1924M9£9«1OO) 130 110

120 100 } A. •MONTHLY INCOME PAYMENTS 110 90

/ 100 1 80 / * V 90 70

\ 80 A , / 60

V \ 70 50 -CASH INCOME FROM FARM MARKETINGS (EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS) 60 tz VV 40 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 192.9 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 CONSTRUCTION CONTRACTS AWARDED** FOREIGN TRADE * 140

120

100

.60

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 FACTORY EMPLOYMENT AND PAYROLLS WHOLESALE PRICES AND COST OF LIVING 140 (l923~25« 100) (1923-25 =100) 110

120 100

100 90 **\ FACTORY EMPLOYMIzNT-^ , ^ V^^ (ADJUSTED) ^ 80 J 80

60 70 ^FACTORY PAYROLLS (UNADJUSTED) WHOLESALE PRICES 40 V J] 60 20 50

0 0 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 RETAIL SALES * STOCK PRICES 175 AUTOMOBILE SALES (1929-31=100) (1923-25=100) 350 DEPARTMENT STORE SALES (1923~25=1OO) 150 300 ^-350 INDU STR1AL COMPAMES 125 250 -DEPAfi?TMEN7rSTORl s I A 100 u J 200 rt '\ 75 1 150 •A \ 50 1 y 100

25 l/l 1 Is- 50 JEW PASSENGiEff AUTOMOB \ | ^~3O RAILROAD CZOMPAt WES 0 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

* ADJUSTED FOR SEASONAL VARIATION • THREE-MONTH MOVING AVERAGE 0.09*32 Figure 1. September 1939 SURVEY OF CURRENT BUSINESS

Business Situation Summarized OMESTIC business volumes in August were not aggregate, factory production made the usual increase D materially affected by the threatening European for this period. Automobile assemblies were at a sea- political developments and there was a further moder- sonal low of about 100,000 units, but by the end of the ate improvement during the month. Manufacturing month a number of plants were turning out 1940 models production increased seasonally following the consider- and employment in automotive centers was again rising. able gains in the adjusted index during June and July Steel ingot production, following the marked improve- but the drop in crude petroleum output reduced the ment during June and July, expanded at a more-than- volume of mineral production. General merchandise seasonal rate in August; finishing operations increased trade experienced the usual substantial rise; automobile during the month after lagging in the June-July ad- sales dropped as the model change-overs, which came vance. Output of ingots averaged about 61 percent of earlier than usual this year, accentuated the normal decline from July. Construction operations continued THOUSANDS OF UNITS at the high levels reached in the preceding month and 200 VACUUM CLEANERS contracts for new projects were little changed from the (Floor Types) July rate. Business in all major lines continued well 150 in advance of a year ago, though industry and trade, I 00 generally, did not match the strides made at this Jv time in 1938 when the pick-up from the low point of 50 V the 1937-38 recession w^as gaming momentum. Mounting European tension, which arose from the immediate prospect of a general conflict, unsettled 200 WASHING-MACHINES financial markets throughout the month. Commodity I 50 markets were sensitive in some degree to developments abroad, though, through August 31, there was not much 100 change in quotations on products likely to be affected by war demands. However, with the outbreak of actual hostilities between Germany and Poland on September 1, quotations of a number of commodities advanced sharply. On that day sizable gains occurred ELECTRIC REFRIGERATORS in prices of such staples as wheat, corn, rye, cocoa, sugar, lard, tin, and rubber; there was a small rise in copper quotations and a strengthening in prices of other industrial materials. Though August did not bring a repetition of the general curtailment of commitments experienced at the time of the European crisis last spring, purchasing by industrial consumers nevertheless was not so aggressive as in the 2 preceding months which witnessed pronounced buying waves in certain staples. Retailers continued to make commitments based upon expecta- tions of a good fall trade, with wholesale volumes well ahead of last year. Primary distribution of commodities, as indicated by freight traffic, held around the 1935 1936 1937 1938 !939 J July rate with little change indicated for the adjusted index of loadings for August. The freight movement continues to exceed last year's volume by about one- eighth. The carriers have also benefited from the increase in summer travel this year; record gasoline daily capacity as compared with 55 percent in July. consumption and high replacement sales of tires are Production was higher than in any month since Sep- also a reflection of this trend. tember 1937, exceeding output last November by a Further expansion in activity occurred in a number small margin. Other durable-goods industries have of manufacturing lines during August and, in the maintained or improved their position. SURVEY OF CURRENT BUSINESS September 1939 In the nondurable-goods industries, production this With construction activity advancing to a level which summer has declined less than seasonally expected and, compares favorably with the 1937 peak, building ma- on an adjusted basis, has been as high as at any time terials have gradually moved into trade channels at an since June 1937, excepting last December. By reason increasing rate. Figure 3 presents the comparative of the marked rise in some of the nondurable-goods movement of 16 series of data during the past 3 years. industries a year ago, preliminary indications point to In general, the pattern in these industries over this an August output but little in excess of that in August period has been the same, but the current position 1938. differs to some extent. Prepared roofing shipments Crude-petroleum output was a major exception to the stand out because of the increase in 1938. The others general trend, as State control agencies in the mid- indicate improvement since the early part of 1938; at continent fields endeavored to correct a situation which that time the construction industry experienced a had produced a marked drop in crude quotations. definite turn for the better—particularly in the resi- Crude-oil production in the week ended August 26 was dential field. Shipments of brick, portland cement, reduced to an average of 1.7 million barrels daily as tile, and oak flooring at the seasonal peak this year compared with the July flow of 3.6 million barrels. equaled or exceeded the 1937 results for the corre- Refinery operations were not impaired by the lowered sponding months. Paint sales were lower, though sales flow of crude and, as in July, were exceptionally high. to the distributive trade have been larger than in the There was a seasonal increase in bituminous-coal pro- comparable months of 1937 since last April. Air-con- duction in August following the July advance which ditioning-equipment manufacturers have experienced a in part went to increase industrial stocks. A further steady rise in sales this year, though the results fell short rise occurred in generation of electric energy in August of those in 1937. Oil burners are about on a par with and production, up 10 percent from August 1938, was the 1937 sales results. at a record figure. Gains in the durable-goods industries, as compared with a year ago, have not been confined to the groups Sales of Durable Goods Expand mentioned above. Of the 43 durable-goods industries, While the output of the nondurable-goods industries for which the Department of Labor collects data, all comprises a larger portion of industrial output than in but 4 showed pay-roll increases of more than 10 per- 1937, when the two major segments approached a cent between July 1938 and July of this year. Aggre- parity on a 1929 basis, the expansion since the low gate pay rolls in the durable-goods industries at mid- point a year ago has been larger relatively in the indus- July were nearly a third higher than in 1938, an increase tries producing durable goods. This is the usual which stands out among the year-to-year changes in situation during periods of fluctuating business activity, labor income in various segments of the economy. but it is of interest to observe the trends in two major For July, total compensation of employees, according groups of durable commodities—building materials and to the Department of Commerce's estimate, was 6 durable products for use in the home. The situation percent higher than a year ago. The index of total in the latter group is typified by the sales of such prod- income payments, seasonally adjusted, was unchanged ucts as electric refrigerators. The accompanying in July from the June figure of 83.5 (1929 = 100) but figure 2 reveals the sales trend of this and two similar was 2.8 points higher than a year earlier. commodities. While no correction has been made for Foreign Exchanges Decline the usual seasonal swings in sales, it is apparent that the underlying trend was downward from the spring The kaleidoscopic European political events of late of 1937 to the middle of last year, and that sales of August were climaxed in the foreign-exchange mar- electric refrigerators lagged as business generally moved ket by the sharp break in quotations for the pound up in the latter half of 1938. So far this year sales of sterling and the French franc. Growing pressure upon each of these products have advanced to a point con- the two currencies as a result of the incessant demand siderably higher than the average experience during for dollars led to the withdrawal of official support at the corresponding months of 1938. Although auto- previous market rates as a means of conserving gold mobile sales are not shown in this figure, it may be and foreign-exchange resources. The pound fell to seen from figure 1 that passenger-car sales experienced the lowest levels in 6 years, and the depreciation of a marked upturn with the improvement in general the French franc in terms of dollars was of a similar business during the latter half of 1938, and in recent degree. months have made a relatively favorable showing. During the first 7 months of the year, the net export No current series on furniture and floor covering of gold from the United Kingdom exceeded £226,000,- sales are available for plotting, but the data on these 000, although a portion of this outflow doubtlessly industries indicate that they have followed a pattern represented a further accumulation of gold reserves not essentially different from the trends indicated in abroad by the British Exchange Equalization Fund. figure 2. The net gain of gold by the United States from foreign September 1939 SURVEY OF CURRENT BUSINESS

MONTHLY AVERAGE 1937 = 100

LUMBER BRASS PLUMBING FIXTURES 150 100

50 0

WINDOW GLASS 150 (Production) 100 50 0

FLOORING PORTLAND^CEMENT/ 150 A Maple, Birch and Beech) 100 50 0

FLOOR AND WALL TILE COMMON BRICK 150 100 50 0

BUILDING TILE FACE BRICK 200 150 100 50 0 PREPARED ROOFING OIL BURNERS ZOO 150 100 50 - 50 0 PAINT (Safes) AIR CONDITIONING EQUIPMENT ZOO (New Orders) 150 100 50

1937 1938 1939 1937 1938 1939 DO. 39-204 Figure 3—Shipments of Building Materials, by Months, 1937-39.

NOTE.—Data are for shipments except where otherwise specified. Lumber shipments of July were estimated on the basis of available weekly reports. 6 SURVEY OF CURRENT BUSINESS September 1939 countries reached $1,600,000,000 during the same early part of the month to reflect the large volume of period. Receipts from abroad during August were funds seeking investment involving a minimum of risk, not spectacularly large; but the amount of gold held and the prices of these securities remained firm. Later, under earmark in the United States for foreign account the market was unsettled, with prices of government was reduced during each of the 4 weeks ended August bonds tending to decline. The yields on short-term 30, thus increasing domestic gold stocks, and capacity issues were not changed materially. shipments were reported en route to the United States In the capital market, the volume of corporate financ- from Europe at the close of the month. According to ing during August exceeded that of July, but it was official announcements, foreign short-term balances comprised mainly of refunding operations by public in the United States aggregated $2,600,000,000 on utility corporations. The offering of $123,500,000 of May 31. Gold held under earmark for foreign account 3/2 and 4% percent debenture bonds by a large public was placed at approximately $1,135,000,000 at the end utility corporation was one of the high lights of this of August. market. On July 30, the Federal Housing Administra- Security prices receded during August from the clos- tion announced a reduction of one-half of 1 percent on ing levels of July, despite the relatively favorable mortgages committed for insurance by that agency. corporate earnings records reported. Industrial-stock The maximum rate of interest on such mortgages was "averages" fell to within a few points of their June thus placed at 4% percent. A few days later the Home lows. The reductions in the prices of railroad and Owners' Loan Corporation reduced from 5 to 4% per- public utility stocks during August were of lesser cent the interest rate on mortgages held by it. magnitude. On September 1, the stock market with- Excess reserves of the member banks continued to stood the shock of the outbreak of European hostilities rise to new high levels during August as Treasury dis- and "market averages" held at the levels of the pre- bursements exceeded revenues and the inflow of gold ceding several days. There were, however, consider- continued. The rise occurred in the face of further able fluctuations in prices of various types of shares increases in the reserve requirements of the banks ac- during the day, with the gains in some securities being companying the continued growth of their deposits, a offset by declines in others. reduction in the volume of government securities held Bond prices also weakened during August. The by the Federal Reserve Banks, and an increase in the market for the highest grade issues continued during the volume of money in circulation. MONTHLY BUSINESS INDEXES Factory em- Foreign Monthly income ployment Cash farm Industrial Freight-car Retail sales, trade, 2 production, loadings, value, ad-

payments and income value, Ne w pay rolls adjusted i adjusted * justed i adjusted i ii Total payments

Year and month Yor k Cit y commoditie s mobile s adjuste d i than-carlo t unadjuste d types , value adjus t ployees , adjuste d i Constructio n contra c Amoun t o f pa y rolls , Ne w passenge r auto - Wholesal e pric index , 81 3 Ban k debits , outsid e Numbe r o f employees , Adjuste d i Merchandise , less - Compensatio n o f em - Mineral s Departmen t store s Export s Adjuste d i Unadjuste d Tota l Manufacture s Tota l Unadjuste d Import s

Monthly av- Monti ly av- 1929- Monthly Monthlv average erage 1923- Monthlv average erage 1924- Monthly average 1923-25 = 100 31 = 100 1923-25 = 100 average 1929 = 100 25 = 100 29 = 100 1926 = 100 1929: July 104.4 101.1 101. 5 108.1 108.6 100.0 111.5 124 i 125 ! 116 108 1 106 109 152.0 121 119 124 144.0 96.5 62.6 61.9 40.4 35.5 40.5 58 i 57 65 49 68 65 28.0 32 27 63.4 64.5 1932: Julv 60.7 58. 4 ; 1933- July 59 8 57 8 56 2 77.4 52. 7 58 5 78. 5 100 , 102 i 91 66 70 69 52.5 43 48 21 70.4 68.9 1936: July - . 86.3 86.7 80.5 98.4 83.4 84.0 88.0 108 109 102 66 90 104. 5 54 66 59 94.4 80.5 1937: July 89.8 89.3 89.8 109. 3 104.6 87.5 94.5 114 114 112 80 i 68 92 104. 5 80 89 67 102.2 87.9 1938: July 81.0 80.7 79.8 82.9 70.6 72.0 82.5 83 82 93 61 60 83 56.5 68 47 59 84.5 78.8 August 76.1 81.5 81.4 84.9 76.9 72.5 72.0 88 87 95 62 60 83 54.5 66 53 66 81.2 7S. 1 September _ 83.5 82.0 82. 5 86. 9 81.0 85.0 72.5 90 89 97 64 61 86 60. 0 62 55 78 83.3 78.3 October 86.3 82.1 83.1 87.5 83.8 91. 5 67.5 96 95 98 68 62 84 85.0 60 54 82 91.7 77.6 November- . . _ 80.9 83.2 84. 6 90.0 84.1 78.0 69. 5 103 103 102 69 61 89 100.0 58 55 96 86. 4 77.5 December . 90.9 84.1 86.2 91.6 86.5 72.5 68.0 104 104 109 69 61 89 92.5 67 54 96 106. 9 77.0 1939- January ._. _ _ _ 84.3 83.7 85.4 91.7 83.4 68.5 67.5 102 100 110 69 62 88 91.0 55 55 86 90.5 76.9 February 77.8 83.5 85.1 91.3 85.4 51.0 60.0 99 97 110 67 62 87 96.0 63 49 73 77. 1 76.9 March _ . _ _ _ 84.3 84.2 85. 0 91.0 86. 9 57.5 64.0 98 96 110 66 62 88 88.0 70 53 69 92.3 76.7 April _ 83.0 82.7 83.3 90.8 84.9 55.0 64.5 92 92 95 60 61 88 79.5 64 53 67 85.3 76.2 May 79.6 82.8 83. 3 90.1 84.4 60.0 65.0 92 91 98 62 61 85 79.0 70 61 63 90 0 76. 2 June -_ 87.2 83.5 84.8 91.4 85.9 59.0 60.0 98 97 104 67 61 86 79.0 70 58 63 94.7 75.6 July 83.9 83.5 84.6 91.7 83.8 63.0 62.5 102 101 108 69 62 86 81.0 69 57 67 89.6 75.4 Monthly average, January through July: 1929 _ 99.0 98.9 105. 5 111.0 90.9 122 124 112 104 104 98 165. 7 114 117 126 136.8 95.6 1932 66 1 64 0 66 9 49 1 41 8 64 63 70 53 73 65 43.1 36 37 28 68.6 65. 4 1933 56.7 55 0 67.0 43 8 43 1 74 74 77 54 66 56 45.2 31 32 18 3 60. 3 62.6 1936 79 5 78 7 94 4 81 0 64 8 101 101 100 69 64 75 112.9 50 60 54 89.2 79.8 1937 86 3 88 6 107 0 104 3 71 6 117 118 113 78 68 82 123.6 68 86 62 100.8 87.2 1938 80 4 80 5 85.2 74 0 62 5 79 76 95 58 60 74 66.1 68 49 54 84.1 79.2 1939 82.9 84.5 90.6 85.0 59.1 98 97 102 64 61 77 93.0 62 56 70 88.5 76.3

2 1 Adjusted for seasonal variations; monthly averages, except compensation of employees, are based on unadjusted indexes. From farm marketings 3 Average of 6 months, January, February, and April through July. September 1939 SUEVEY OF CURRENT BUSINESS Employment ONFORMING to the usual seasonal tendency, in June, but the adjusted index recorded a small in- C nonagricultural industries employed about the crease to 91.7 (1923-25 = 100). Pay rolls experienced same number of workers in July as in June, according a somewhat larger decline, partly because of the July to data compiled by the Bureau of Labor Statistics. 4th holiday. The adjusted factory-employment index The gain over a year ago was maintained at 1,200,000, has fluctuated within a range of about a point and a half practically the same as in June. so far this year, following the rise in the summer and The largest change in employment from mid-June fall of 1938. However, the index for July was about to mid-July was that recorded for retail-trade establish- 11 percent above the corresponding month a year ago. ments which released about 100,000 workers; this For the index of the durable-goods group, the gain over decline, however, was less than that usually experi- July 1938 amounted to 17 percent; for the nondurable- enced during July when sales are at a seasonal low point. goods group the increase was 6 percent. Over the year Anthracite and metal mines reported decreased employ- interval, the unadjusted index of total factory pay rolls ment and several of the service industries reported recorded a gain of nearly one-fifth, in the durable-goods seasonal declines. These losses were offset to a large classification of almost one-third, and in the nondurable- extent by employment gains in construction, transpor- goods group of about one-tenth. tation, and public utilities, with the result that aggre- Employment gains from June to July were reported gate nonagricultural employment was reduced by only for 50 of the 87 manufacturing industries, and pay-roll 30,000 workers. These figures do not include employees increases were reported for 34 industries. For many on Work Projects Administration and National Youth industries the employment gains were contraseasonal or Administration projects, or enrollees in the Civilian larger than seasonal. These embraced aircraft, fur- Conservation Corps. Agricultural employment was niture, radios, men's clothing, cotton goods, book and seasonally lower during July, and the number at work job printing, and woolen and worsted goods. Declines on projects operated by the W. P. A. declined further, of contraseasonal, or more than seasonal extent, were largely because of the release of workers who had been reported for the rubber footwear, automobile, agri- employed for a period of 18 months or more. cultural implements, wirework, and electric and steam Factory employment was slightly lower in July than railroad car-building industries. EMPLOYMENT STATISTICS

Factory employment and pay rolls 1 Average factory Industrial disputes Retail trade, wages and hours Employment unadjusted (National Industrial Pay rolls, unadjusted Conference Board) Work- Unadjusted Adjusted t ers in- Strikes volved, Man- begin- strikes days Dura- Non- Dura- Non- Dura- Non- ning idle dura- dura- dura- Hours in begin- during Year and month All in- ble ble AH in- ble ble All in- ble ble Em- Weekly Hourly ning dus- goods dus- goods dus- goods ploy- Pay earn- earn- worked month in month tries indus- indus tries indus- goods tries indus- goods ment ings ings per tries" indus- indus- rolls week month tries tries tries tries tries

Monthly av- Thou- Thou- Monthly average 1923-25=100 erage Dollars Number sands 1929=100 sands of days

1929: July 107.3 109.2 105.6 108.1 109.2 107.1 108.6 109.8 107. 2 97.3 98.8 28.41 .587 48.4 37 901 1932: July 61.0 50.1 71.5 61.9 50.1 73.0 40.4 29.4 52.8 73.1 59.2 15.36 .490 31.9 30 1,618 1933: July 76.2 59.8 91.8 77.4 60.0 94.1 52.7 39. 6 67. 3 71.0 51.0 19.34 .456 42.9 237 175 1,775 1936: July 97.1 91.7 102. 2 98.4 92.4 104.2 83.4 79.7 87.6 83.2 65.1 24.20 .617 39.1 173 38 1,105 1937: July 108. 0 107.8 108.2 109.3 108.6 109.9 104. 6 107.3 101. 7 87.6 72.8 27.83 .711 39.2 472 144 3,008 1938: July 81.9 70.3 92.9 82.9 70.7 94.5 70.6 58.6 84.1 81.1 68.1 23.93 .713 33.8 50 776 August 85.7 71.7 99.0 72.0 97.2 76.9 63.7 91.7 80.0 66.8 24.93 .711 35.2 262 48 831 September 88.8 75.3 101.7 75.7 97.6 81.0 68.7 94.9 84.7 69.4 25.73 .714 36.2 222 96 990 October 89.5 79.0 99.4 87.5 77.9 96.7 83.8 75.2 93.4 85.9 70.8 26.14 .714 36.7 256 53 842 November 90.5 82.1 98.4 90.0 81.3 98.3 84.1 78.3 90.6 71.5 26.32 .714 36.9 207 43 558 December 91.2 83.1 98.8 91.6 83.2 99.5 86.5 80.4 93.4 79.2 26.02 .713 36.6 177 38 513 1939: January 89.5 81.6 97.1 91.7 83.6 99.5 83.4 76.6 91.0 82.2 69.7 25.95 .713 36.6 172 49 512 February 90.7 82.6 98.4 91.3 83.4 98.7 85.4 78.4 93.1 81.5 68.4 26.11 .713 36.8 180 67 540 March 91.4 83.5 98.9 91.0 83.0 98.6 86.9 80.1 94.6 83.8 69.6 26.25 .715 36.9 192 41 591 April 91.1 84.1 97.8 90.8 83.2 98.0 84.9 80.2 90.2 85.5 71.3 26.27 .717 36.8 209 390 4,861 May 90.1 83.3 96.7 90.4 82.2 98.2 84.4 79.5 89.9 85.7 71.5 26.19 .720 36.5 207 91 3,473 June 90.6 83.9 97.0 91.4 83.2 99.2 85.9 81.4 91.0 86.2 72.4 26. 79 .721 37.2 210 50 925 July 90.5 82.1 98.5 91.7 82.6 100.3 83.8 76.4 92.1 83.4 70.7 26. 76 . 722 37. 2 210 145 1,000 Monthly average, Jan- uary through July: 1929 105. 5 106.7 104.4 111.0 112.9 109.0 97.5 97.5 28.72 .588 48.7 81 29 566 1932 66.9 55.2 78.1 49.1 36.7 62.9 77.5 66.4 17.57 .514 34.6 77 35 1,151 1933 67.0 51.0 43.8 30.9 58.2 71.6 51.7 16. 75 .458 37.0 128 66 799 1930 94.4 88.2 100.3 81.0 76.7 85.9 83.0 64.3 23.94 .613 38.9 179 59 981 1937 107.0 105.1 108.8 101.3 105. 9 102.5 88.0 71.3 27.56 .677 40.7 460 210 3,124 1938 85.2 76.5 93.4 74.0 64.5 84.6 83.7 69.6 23.53 .714 33.1 235 59 774 1939 90.6 83.0 97.8 85.0 91.7 84.0 70.5 26.33 .717 36.9 197 119 1,700

1 See footnote marked "f" on p. 25. 2 Adjusted for seasonal variations. 8 SURVEY OF CURRENT BUSINESS September 1939

Domestic Trade ETAIL sales of general merchandise recorded the furniture, household appliances—and building materials. R customary marked seasonal increase during Au- For the lines of trade covered by the indexes shown in gust, according to available weekly reports. Depart- the table below, retail sales in July showed only minor ment-store sales in the first 3 weeks of August were changes from June, after allowance for the usual marked above those of July, on an adjusted basis. If the mid- midsummer decline. The index of rural sales of general August volume of sales is maintained, the adjusted merchandise declined by somewhat more than the usual index for the month will show a small gain over the amount from the relatively high June figure, but the July figure of 86 (1923-25 = 100). Automobile sales other series showed small increases or remained un- recorded a further seasonal decline in August. The changed. Gains over a year ago narrowed slightly change-over to new models usually marks the season's from the June comparisons as in the case of the De- low for sales, and since the shift this year took place partment's sample of independent retailers. several weeks earlier than usual it is anticipated that Nearly 3,000 wholesalers reported a sales gain of sales will also record an early upturn. No marked about 6 percent in July over the corresponding month changes are indicated for sales of other types of retail a year ago. Increases of from one-fifth to one-third outlets, after allowance for the usual seasonal increases. were reported by wholesalers of clothing, metals, furni- In July, the total value of retail sales was estimated ture and house furnishings, electrical goods, and lumber to be about 10 percent lower than in June. After and building materials, while dealers in hardware, ma- adjustment for 1 less working day in July and for chinery, and shoes reported gains of from 10 to 15 the usual seasonal change, it is probable that daily percent. average sales on a corrected basis were about the same Sales reported by 1,620 manufacturing firms were as in June. Total sales were about 7 percent larger one-eighth larger in July than a year earlier. Practi- than a year ago, as compared with a gain of 9 percent cally all of the reporting industry groups recorded gains in June. A sample group of nearly 22,000 independent over the year interval. Iron and steel and their prod- retailers reported to the Department a relative gain in ucts were up about 40 percent, machinery about one- July over a year ago equal to the average for other fourth, and nonferrous metals, forest products, and retail units. As in other recent months the largest stone, clay, and glass approximately one-fifth. For increases among these independent stores were reported several important lines, the trend of manufacturers' by dealers in consumer durable goods—motor vehicles, sales is depicted in the chart on page 3. DOMESTIC TRADE STATISTICS Wholesale Commercial Retail trade trade failures Department stores Chain-store sales Rural sales of Value of general mer- new passen- Em- Sales Stocks i Com- Grocery stores Variety stores chandise ger-car sales Pay Fail- Liabil- Year and month bined ploy- ures ities Unad- Ad- Unad- Ad- index Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- ment rolls just- just- just- just- (Chain just- just- just- just- just- just- just- just- ed a ed a ed ed 3 Store Age) ed 2 ed 3 ed 2 ed 3 ed 2 ed 3 ed 2 ed 3 Avg. same Monthly aver- Thou- Monthly average 1923-25 = 100 mo. 1929- Monthly average 1929-31 = 100 Num- sands 31 = 100 age 1929=100 ber of dol. 1929: July 79 109 92 100 98.5 100.5 96.0 107.9 97.0 126.0 168. 0 152.0 100.4 1932: July 46 65 59 65 82.8 82.8 84.5 70.2 78.9 46.7 60.7 31.0 28.0 75.2 61.9 1933: July 48 69 56 61 87.1 82.3 83.9 74.4 83.6 54.9 71.3 57.5 52.5 75.1 55.5 1,375 22,980 1936: July 63 90 59 66 109.6 94.9 96.8 97.2 109.2 88.3 121.0 117.3 104. 5 85.4 69.0 669 14,318 1937: July 65 92 69 114.5 91.1 93.0 97.0 109.0 91.7 125.6 122.9 104.5 90.6 76.9 651 12, 780 1938: July 58 83 61 108.0 89.2 91.0 88.0 98.9 84.8 116.2 61.4 56.5 73.6 1,038 14,761 August 65 83 65 106.0 88.5 92.2 85.2 96.3 98.2 120.1 49.2 54.5 87.6 73.7 1,015 16, 382 September 91 86 70 109.4 93.0 94.9 94.1 98.5 121.1 114.6 37.1 60.0 88.5 74.3 866 14, 341 October 92 84 74 108.0 94.9 94.4 98.2 96.7 140.9 108. 5 55.1 85.0 89.1 75.1 997 13,219 November 99 89 78 109.5 96.7 96.7 102.2 100.2 147.2 113.1 99.1 100.0 89.8 75.4 984 12, 302 December . 156 89 62 112.9 101.1 98.1 193.6 104.9 183.6 114.8 96.1 92.5 90.0 75.7 875 36,528 1939: January 69 88 60 107. 5 93.5 96.4 73.6 98.7 91.3 120.0 70.8 91.0 88.3 75.5 1,263 19,122 February 69 87 65 108.8 98.7 98 2 79.7 95.5 100.1 123.7 71.2 96.0 87.9 74.6 963 12, 788 March 82 88 69 1098 100.5 99^5 85.0 98.8 115.0 131. 0 106.7 88.0 87.4 74.7 1,123 17,915 April RQ 110.0 102.0 99.0 97.6 97.1 120.2 130.8 106.3 79.5 87.3 74.8 1,140 17, 492 May 87 85 68 110.0 102.9 101.4 96.3 96.3 120.5 131.2 107.1 79.0 87.2 74.9 1,122 14, 757 June 83 86 64 111.0 100.8 99.3 95.8 100.8 120.0 131.7 101.2 79.0 88.1 75.7 952 11,609 July . 60 86 60 112.0 97.7 99.6 90.5 101.7 91.1 124.8 87.7 81.0 88.1 76.0 917 14,150 Monthly average, January through July: 1929 Q8 97 100.9 94.3 109.8 165.7 98.3 98.2 1932 65 68 86.0 88.3 75.1 58.8 43.1 77.7 67.1 1933 56 55 80.9 79.1 71.6 54 2 45.2 72.9 54.6 1,984 47, 605 1936 75 63 102.8 94.4 87.1 95.7 112.9 85.2 68.0 894 20,133 1937 8*> 74 110.8 96.8 90.5 106.4 123. 6 91.2 75.2 786 14,313 1938 74 67 105. 6 93.6 85.2 96 8 66.1 74.6 1,157 21, 962 1939 _. 77 65 109.9 99.5 88.4 108.3 93.0 87.7 75.2 1,069 15,405

i End of month. 1 Adjusted for number of working days. 3 Adjusted for seasonal variations. September 1939 SURVEY OF CURRENT BUSINESS 9 Foreign Trade NITED STATES foreign trade declined in July as year ago, shipments of certain staple products were U compared with June, partly as a result of seasonal much smaller than in July 1938, as they had been in the influences. Nevertheless, both the export and the im- earlier months of the year. The decline of $102,000,000 port totals were above the July values of a year ago. in exports of grains and preparations to a value of The value of imports has been higher in each month of $63,800,000 in the first 7 months of this year, and the this year than in the corresponding month of 1938, reduction in raw-cotton exports from a value of with the exception of February. The export trade was $129,400,000 to $74,400,000 account for a substantial smaller in value through May than in the comparable portion of the decrease of $173,000,000 in the value of period of 1938, but in June and July the export total total exports in the first 7 months of this year as com- was higher than last year. pared with the corresponding months of 1938. The As in the preceding months of this year, merchandise lower level of prices also has been a contributing factor exports in July were larger in value than merchandise in the reduced value of export trade this year. imports, though by not so large a margin as last year. Exports of manufactured products (including semi- The export balance for the 7 months ending with July, manufactures) advanced in July above the total of the of $382,000,000, though only slightly more than half corresponding month of 1938 by a wider margin than the figure recorded for the first 7 months of 1938, was in May and June when the trade in these articles began none the less a large balance for this period of the year. to rise above the declining totals of last year. July The decline in the balance of merchandise exports in shipments of these two economic classes amounting to comparison with last year has resulted in part from the $177,351,000, an increase of 15 percent over the figure increased import trade this year, principally in crude of $154,058,000 last July, brought the cumulative total materials and semimanufactures. The value of total for the 7-month period above the figure for the corre- imports for consumption was 15 percent higher in July sponding period of 1938. Exports of manufactured than in July last year; crude materials and semimanu- foodstuffs, which were larger in value in the first half factures increased 19 percent. This expansion in the of this year than a year ago, principally because of value of materials for domestic industries was approxi- increased shipments of packing-house products, also mately the same as the relative increase in the esti- showed an increase in July. The cumulative total of mated value of industrial production in this country $103,910,000 for manufactured foodstuffs exports in the over the same period. period January to July 1939 compares with the total Although total exports in July were above those of a of $97,872,000 in January to July 1938. EXPORTS AND IMPORTS Indexes Exports of United States merchandise Imports i Ex- Crude ma- Finished manufac- Value Value ports, terials tures of of in- Fin- Semi- Auto- Semi- total total clud- Un- Food- Crude Food- man- ished ex- im- ing Total man- stuffs, man- mo- Total mate- man- Year and month ports, ports, reex- ufac- total ufac- Ma- biles, rials stuffs ufac- ufac- ad- ad- ports Total tured tures Total chin- parts, tures tures justed2! justed cot- ery and ton accessories Monthly average 1923-25= 100 Millions of dollars 1929: July 121 119 402.9 393.8 50.0 24.4 56.1 60.5 227.2 56.4 47.4 353.0 119.0 75.9 71.8 86.2 1932: July 32 27 106.8 104.3 27.6 15.9 15.6 14.1 47.0 9.6 6.2 79.4 19.5 26.3 11.9 21.8 1933: July. 43 144.1 141.6 51.5 36.8 15.4 21.4 53.3 10.1 7.5 143.0 46.5 38.8 31.0 26.8 1936: July 54 180.4 177.0 30.3 10.2 15.0 33.5 98.1 29.3 16.9 197.5 56.1 60.1 42.7 38.6 1937: July 268.2 264.6 34.3 9.4 17.4 68.9 144.0 46.1 29.4 262.9 78.0 77.5 59.0 48.4 1938: July 227.8 225.1 32.8 10.5 38.0 37.3 117.0 39.7 17.5 147.8 43.2 44.1 29.6 30.9 August 230.6 228.1 43.8 10.7 35.8 35.6 112.9 39.5 12.3 171.1 49.5 49.5 35.0 37.0 September 246.3 243.6 59.6 20.5 31.4 40.2 112.5 36.6 14.2 172.9 52.4 49.1 33.6 37.9 October 277.9 274.3 72.1 24.1 33.3 44.5 124.4 38.7 17.3 178.5 53.7 48.4 35.8 40.6 November 252.2 249.7 59.9 25.0 29.5 40.0 120.4 34.6 25.4 171.7 52.4 46.8 35.2 37.3 December 268.8 266.2 49.4 19.0 28.4 50.5 137.9 40.9 29.2 165.5 53.5 44.0 35.3 32.8 1939: January 212.9 210.3 36.4 15.0 31.1 35.5 107.4 31.2 21.4 169.3 53.9 43.4 37.2 34.9 February 218.6 216.0 36.5 13.7 26.6 34.9 118.1 34.6 25.3 152.5 48.1 41.6 34.0 28.8 March 268.4 264.6 40.1 17.0 28.0 45.7 150.9 49.4 28.5 191.2 59.5 54.5 38.8 38.4 April 230.9 227.6 26.0 9.2 23.6 41.0 137.0 43.9 24.9 185.8 54.9 49.1 37.9 43.8 May 249.3 245.9 30.2 7.5 26.9 48.2 140.5 44.4 23.8 194.2 62.3 51.9 39.9 40.4 June 236.1 233.4 25.7 6.2 19.5 48.5 139.7 42.2 20.4 178.4 54.7 50.2 38.6 34.8 July 229.6 226.7 29.7 6.0 19.7 46.0 131.4 43.7 18.5 170.5 50.0 49.6 36.9 33.9 Cumulative January through July: 1929 3 114 3 117 3,025.9 2, 972.3 534.2 344.2 420.6 443.4 1, 574.1 358.6 387.6 2, 639. 4 947.1 597.0 528.5 566.7 1932 3 36 3 37 946.8 923.9 268.4 177.4 142.8 120.8 391.9 82.0 51.8 826. 2 225.2 252.8 137.2 211.1 1933 3 31 3 32 813.4 798.5 258.8 177.5 95.5 118.2 326.0 64.4 49.1 735.1 198.7 242.8 135.1 158.5 1936 3 50 1,335.4 1,312.5 307.3 160.8 107.1 225.9 672.2 193.4 149.7 1, 350.8 402.2 421.0 278.4 249.3 1937 3 68 1,804. 7 1, 772.0 345.9 185.2 119.3 385.5 921.3 272.4 205.5 1,884. 7 608.7 574.7 385.0 316.3 1938 . _ . 3 68 3 49 1,820.0 1, 796.7 309.7 129.4 274.6 295.2 917.2 296.5 172.9. 1,091.3 315.0 333.1 211.1 232.0 1939.. 3 62 3 56 1, 645.7 1,624. 5 224.6 74.4 175.4 299.7 924.8 289.3 162.8 1,241.9 383.5 340.3 263.4 255.1 i General imports through December 1933; imports for consumption thereafter. 2 Adjusted for seasonal variations. 3 Monthly average of unadjusted indexes. 10 SUKVEY OF CURRENT BUSINESS September 1939 Construction and Real Estate UILDING construction continued active during residential awards in the first 7 months of the year BAugust with operations much higher than a year were publicly financed as compared with only 2 percent ago. No basic change has occurred in the trends in the corresponding period of 1938. A somewhat which were detailed in the review published in last larger proportion of nonresidential awards has been month's issue. publicly financed this year than last, although privately In the first 3 weeks of August, the value of construc- financed construction has continued to account for tion contracts awarded in the area covered by the more than one-half of all such work. For the public Dodge reporting service declined slightly from the works and utilities classifications, all but about 11 July daily rate. The reduction occurred in privately percent of the work has been under public ownership owned work as public projects were above the July this year, or almost as large a proportion as in 1938. daily average. Awards were one-fourth larger than in The Federal Housing Administration, reporting on the corresponding weeks of August 1938. Total operations during its first 5 years, revealed that it had awards for the month, however, may be little changed transacted a gross volume of business amounting to from the total last August since a large volume of con- approximately 4 billion dollars, including rejections tracts under the Public Works program was let in the and withdrawals amounting to about $700,000,000. final days of August 1938. Through June 30, 1939, the insurance of home mort- From the beginning of July 1939 to the middle of gages under Title II of the National Housing Act August, total construction awards amounted to $441,- accounted for $1,869,290,000. Under Title I of this 054,000, a gain of nearly 28 percent over the corre- Act private lending institutions advanced $839,560,000 sponding period of 1938, according to the F. W. Dodge in property improvement loans, and under the rental- Corporation. Kesidential building awards for the housing phase of the program, 313 mortgages totaling same period were up more than one-fourth, nonresi- $126,369,000 had been accepted for insurance. Addi- dential building and public works, respectively, were tional applications for insurance amounted to over one 16 and 29 percent larger, while public utilities doubled billion dollars, of which $231,940,000 represented mort- in value of awards. gages still in process, and $203,069,000 mortgages With the expansion in operations of the United States expired. The balance comprised rejections and with- Housing Administration, about 11 percent of all drawals prior to insurance. CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE Loans outstand- Construction contracts awarded Building-material shipments Con- ing struc- Real- tion estate Federal costs fore- Nonres- Public Com- Oak (Engr. Home clo- Reserve AH types of Residential idential Public Lum- Ce- Home Owners* sures index, utili- 2 mon floor- News- Loan construction < building build- 2 works ber ment Loan (non- ad- ing 2 ties brick ing Rec- bank Corp. farm) Year and month justed i ord) 3

Month' Month- Monthly Num- Mil- Mil- Thou- | ly av- . ly av- average, ber of lions of Thou- Thous. sands of! erage, lions of Millions of dollars sands bd. ft. Thousands of dollars erage 1923-25 = proj- dollars square bd. ft. barrels 1913 = 1926 = 100 ects feet 100 100

1929: July 124 16,601 652.4 37.8 199.9 255.0 47.6 149.9 20,319 204 8 1932: July 27 7, 008 128.8 5.5 19.7 48.1 5.1 55.9 9,218 153.4 1933: July 21 8,228 82.6 7.4 23.6 41.3 2.7 14.9 8,697 165.5 53, 736 1936: July 59 13, 890 294.7 20.5 72.0 96.6 26.8 99.3 170,135 2,141 30,123 11,823 204.8 122,094 2,921, 294 280 1937: July 67 15, 361 321.6 20.6 81.0 139.1 48.7 52.8 167,085 2,244 28, 208 12, 237 239. 9 169, 568 2, 524.129 232 1938: July 59 17, 648 239.8 21.6 88.0 72.6 13.4 65.8 129,338 1,775 35,989 10,164 232, 3 191, 889 2, 248, 982 161 August 66 18,770 313.1 23.6 99.7 87.3 38.0 88.1 148, 809 2,033 41,511 11,823 232.4 189,415 2, 234, 899 169 September 78 16,926 300.9 21.8 99. 6 92.0 26.2 83.2 142, 900 1,843 34,497 11,716 232.7 189, 548 2,221,417 169 October 82 19, 664 357.7 27.2 112.7 131.0 21.2 92.8 166,471 1,847 32,156 12, 357 234.3 189,217 2, 203, 896 153 November 96 17, 772 301.7 23.4 95.3 116.0 19.7 70.7 151,568 1,789 31, 560 8, 573 234.4 189, 685 2,186,170 165 December 96 16,027 389. 4 22.7 91.5 139. 5 44.3 114. 1 133,184 1,593 27, 686 6,281 234.9 198, 840 2,168,920 159 1939: January 86 13, 281 251.7 20.0 80.2 85.0 29.5 57.0 101,056 1,662 26,916 5, 640 234.7 178,852 2,149, 038 154 February 73 13,015 220.2 19.2 79.0 69. 5 18. 5 53.1 95, 920 1,581 27, 308 5,043 234. 3 170,614 2,134,261 154 March 69 20, 233 300.7 30.7 125.2 97.8 19.6 58.0 166, 380 1, 995 31, 951 8,467 234.4 161, 614 2,117,598 173 April 67 22, 282 330.0 28.4 114.4 94.7 35.3 85.6 178, 903 1,828 30, 604 9,654 234.9 157,176 2,105,824 164 May 63 23,244 308. 5 32.6 133.8 76.7 21.8 76.1 i 209, 716 2,117 37,999 12,748 234.7 157,911 2,091,324 I 186 June 63 21,701 288. 3 27.5 111.9 92.8 10.0 73.6 199, 592 2,061 37, 401 12,715 235.0 168, 962 2,080.512 168 July 67 21,806 299.9 27.2 109.3 88.5 23.1 79.0 1,959 11, 755 234.9 161, 537 2,067,844 158 Monthly average, Jan- uary through July: 1929 126 15, 571 523. 5 37.8 183. 9 209.9 43.6 86.1 12,938 206.7 1932 28 6,548 113. 7 6.7 26.1 44.5 5.7 37.5 6,217 156.1 1933 __ 18 6,865 73. 5 5.8 19.5 33.0 3.5 17.5 5,232 161.4 1936 54 11,214 218.9 16.6 58.1 84.5 15.9 60.3 4 118,272 1,959 27, 394 8,435 203.0 276 1937 62 15, 270 259. 3 22.5 85.3 100.9 25.5 47.5 U 158,751 2,134 32, 724 9,254 230.0 243 1938 54 14,380 219. 2 17.4 69.6 72.3 19.9 57.3 |4 110,732 1,572 29,114 7,968 237.3 183 1939 _„. ... 71 19, 366 285. 6 26.5 107.7 86.4 22.5 68.9 I4 158,595 1,886 32,728 9,432 234.7 165 1 Based on 3-month moving average of values adjusted for seasonal variations; the averages, 1929-39, are computed from unadjusted indexes. 2 Data revised 1929-36; see note marked with a dagger (t) on p. 21 of the July 1939 issue. 3 Index is as of 1st of month; index for Aug. 1, 1939, is 234.9. 4 6 months average, January through June. September 1939 SURVEY OF CURRENT BUSINESS 11

Trends in Wholesale Volume, 1929-38 By N. H. Engle, Assistant Director, Bureau of Foreign and Domestic Commerce

HE estimates of aggregate value and physical by a profit or business motive in making the purchase." At- Tvolume of goods marketed at wholesale in the tempts to measure wholesaling on the basis of this definition are United States, which first appeared in the May 1936 difficult, since inadequate data are available. The measure included in these estimates taps the stream of wholesaling at its issue of the SURVEY OF CURRENT BUSINESS, have been source, where the component items are on a more nearly com- brought down through 1938, and revised for the years parable basis, with less duplication than elsewhere. On this basis since 1929. These estimates represent an attempt to the total volume in 1929 wras 83.9 billion dollars. In the same take the measure of the merchandise stream at the one year, the Census Bureau reported a total volume of wholesale point where the values of the components are all on as trade conducted by specialized wholesale establishments amounting to 69 billion dollars. The total volume of wholesale trans- nearly the same plane as possible. This point is f. o. b. actions or turn-over amounted to 139 billion dollars in 1929, a place of production or port of importation (duties have figure which includes much duplication. Finally the very narrow been added to the declared import values in the accom- field of wholesale trade conducted by merchant wholesalers with panying tabulation) and therefore measures the value warehouses, salesmen, and full lines of merchandise, amounted of the merchandise just as it enters wholesale distribu- to but 29.2 billion dollars in 1929. (See chs. 2 and 6, above- mentioned book.) All of these estimates have validity for tion channels in the United States. This revision and certain purposes. The estimate used in the SURVEY and brought extension has been made to accommodate users of these down to date is the only one available for a long series of years. figures who have requested from time to time more It is probably of greater utility as a basis for computing an index recent data. than for the dollar volume estimates. The total value of goods marketed at wholesale Estimated Aggregate Value and Physical Volume of Goods Marketed amounted to nearly 84 billion dollars in 1929. The at Wholesale in the United States, 1899 1938 following years witnessed successive contraction to 35.3 1 2 3 4 5 6 7 billion dollars in 1932, the low point of the depression. Imports The turn came in 1933, which was nearly 2 billion dol- Aggre- for con- Index of Index of gate sump- Total value of physical lars better than 1932. Steady improvement continued Aggre- Index of volume Year value of tion value of goods gate domestic includ- goods market- whole- of goods through 1937, when the total reached 72.6 billion dol- value producing marketed at sale market- index tion duties ed at whole- prices ed at lars. The recession of 1938 reduced the figure for that (1929 = (millions paid (1929 = whole- whole ! - sale 100) of (millions sale (1929= 100) sale year to but little more than 60 billion dollars. dollars) of 100) (1929= The actual physical flow of merchandise into whole- dollars) 100) sale channels did not fluctuate so widely as did the (2+3) (5-^6) value of the merchandise because of the changes in 1899 17.9 14,137 888 15, 025 17.9 54.8 32. 7 1900 19.2 15,163 1,060 16, 223 19.3 58.9 32.8 wholesale prices. Thus, the drop in the volume of goods 1901 19.1 15,084 1,042 16,126 19.2 58.0 33.1 1902 23.3 18,401 1,151 19, 552 23.3 61.8 37.7 sold between 1929 and 1932 was but 38 percent, while 1903 22.9 18,086 1,289 19,375 23.1 62.5 37.0 1904 23.1 18, 243 1,240 19, 483 23.2 62.6 37.1 the value fell 58 percent. The recovery since 1932 1905 26.0 20, 534 1,345 21,879 26.1 63. 1 41.4 carried the physical volume up to 95.5 percent of the 1906 28.7 22, 666 1,507 24,173 28.8 64.8 44.4 1907 30.1 23,772 1,744 25,516 30.4 68.4 44.4 1908 27.8 21, 955 1,466 23,421 27.9 66. 0 42.3 1929 high, although the dollar value reached but 86.5 1909 32.6 25, 746 1,577 27,323 32.6 70.9 46.0 1910 35.1 27, 721 1,874 29,595 35.3 73.9 47.8 percent of the 1929 level. Again the 1938 recession 1911 31.6 34,956 1,838 26,794 31.9 68.1 46.8 1912 38.2 30,169 1,946 32,115 38.3 72.5 52.8 was much less severe when measured by price deflated 1913 37.7 29, 774 2,080 31, 854 38.0 73.2 51.9 1914 37.5 29, 616 2,190 31,806 37.9 71. 5 53.0 figures, the physical volume index dropping but 9 per- 1915 44.1 34, 828 1,975 36, 803 43.9 72.9 60.2 1916 57.8 45, 648 2,573 48, 221 57.5 89.7 64. 1 cent from 1937 as compared with a loss of 17 percent 1917 87.5 69,104 3,124 72, 228 86.1 123.3 69.8 1918, 94.3 74, 474 3,123 77, 597 92 5 137.8 67.1 in the value index. The explanation, of course, lies in 1919 94.7 74,790 4,065 78, 855 94.0 145. 4 64.6 1920 117. 1 92, 480 5,428 97,908 116.7 162.0 68.9 the fact that wholesale prices change frequently and 1921 64. 3 50, 782 2,849 53, 631 63.9 102.4 62.4 1922 75.0 59, 232 3, 525 62, 757 74.8 101. 5 73.7 fluctuate widely, thus coloring dollar value figures with 1923 87.9 69, 420 4, 299 73,719 87.9 105.6 83.2 1924 82.5 65,155 4,107 69, 262 82.6 102.9 80.3 their own characteristics. The actual volume flow is 1925 91.0 71. 868 4, 728 76,596 91.3 108. 6 84.1 apt to be much steadier, a fact which the deflated value 1926 94.5 74, 632 4,998 79,630 94.9 104.9 90.5 1927 90.5 71,473 4, 738 76,211 90.8 100.1 90.7 index reveals. 1928 97.1 76, 686 4,620 81,306 96.9 101.5 95.5 1929 100.0 78,976 4,924 83,900 100.0 100.0 100.0 1930 78.5 61,996 3, 576 65,572 78.2 90.7 86.2 The Wholesaling Concept 1931 57.8 45, 625 2,459 48,084 57.3 76. 6 74.8 1932 42.7 33, 723 1.584 35,307 42.1 68.0 61.9 1933 ... 45.0 35,576 1.717 37, 293 44.4 69.2 64.2 It will be recalled that these estimates constitute an attempt 1934 54.3 42, 884 1,937 44, 821 53.4 78.6 67.9 to measure the volume of wholesale trade quantitatively at the 1935 65.1 51, 424 2,396 53, 820 64.1 83.9 76.4 1936. _.. 77.0 60, 812 2,832 63, 644 75.9 84.8 89.5 point where it first enters the channels of distribution in the 1937 87.4 69,073 3,480 72, 553 86.5 90.6 95.5 United States. Wholesaling, according to Beckman and Engle, 1938 73.2 57, 810 2,251 60, 061 71.6 82.5 86.8 " Wholesaling, Princip^s and Practice," p. 25, "includes all mar- 1 Originally appeared in the Survey of Current Business, May 1936, revised August keting transactions in which the purchaser is actuated solely 1939. 12 SURVEY OF CURRENT BUSINESS September 1939 Financial Aspects of Unemployment Compensation Experience By Louis Levine and E. R. Lerner, Division of Research and Statistics, Bureau of Employment Security, Social Security Board HE widespread public interest in unemployment Senate Finance Committee, study was given to the T compensation experience of the Federal-State size of unemployment compensation reserves accumu- system was reflected in two points of view which were lating to the credit of individual States, with a conse- expressed during the recent Congressional hearings. quent pressure for a general reduction in contribution The Special Senate Committee on Unemployment and rates. Table 1 summarizes the financial experience by Relief evidenced interest as to the adequacy of unem- States as of June 30, 1939. Although most existing ployment compensation benefits both with regard to State legislation provides for varying individual em- amount and duration and the relation of the unem- ployer contribution rates (experience rating) in accord- ployment compensation program to other programs ance with past employment experience, adjustments of affecting unemployed workers. Its proposals were such rates cannot become effective in most States for directed toward liberalizing benefits by shortening the several years because of requirements in the Federal waiting period, increasing the weekly benefit amount, act. Aside from these provisions, any State-wide and lengthening the duration of benefits, through the reductions in contribution rates would, because of the establishment of minimum standards in Federal legis- Federal tax-offset provisions, result in no net reduction lation. The Social Security Act does not now pre- in contribution payments made by subject employers. scribe standards for the States relating to various Since the employer is required to pay the difference elements of the benefit formula. between the State contribution rate and the 3-percent In the House Ways and Means Committee and the Federal tax to the Federal Government, merely a larger proportion of the Federal tax would flow into

PER CENT the Bureau of Internal Revenue. 30 | The considerations relating to liberalization of the TOTAL UNEMPLOYMENT benefit provisions on the one hand and reduction in 25 contribution rates on the other, resulted in the proposal of the so-called Massachusetts or McCormack Plan to the House Ways and Means Committee, which was incorporated in H. R. 6635. This plan made State-wide reduction in contribution rates possible by allowing additional credit in tax-offset provisions of the Federal Act. As a prerequisite to State-wide rate reductions, a State must have accumulated a reserve equivalent to IK times its largest annual contributions or benefit payments, whichever was higher in the preceding 10 years, and at the same time have met certain AMOUNT OF BENEFIT CHECK minimum standards for benefit provisions relating to waiting period, amount and duration of benefits, and PARTIAL UNEMPLOYMENT partial unemployment benefits. The proposals regard- ing the establishment of minimum benefit standards in the Federal act as a condition to additional credit under the tax-offset provisions if State contribution rates were reduced, represented a new approach to the problem of financing unemployment compensation. Although the Massachusetts plan was not enacted, the conference committee's report stated that a comprehensive study of the subject matter should be under- taken. The proposal to limit unemployment compensation contributions to the first $3,000 of annual wages was AMOUNT OF BENEFIT CHECK enacted. This limitation, already in effect in old-age insurance, provides a uniform tax base for both social Figure 4.—Distribution of Number of Benefits for Total and Partial Unem- ployment, by Amount of Benefit Check, April-June 1939. insurance programs insofar as coverage is the same. September 1939 SURVEY OF CURRENT BUSINESS 13 It is estimated that this new limitation, if adopted by The Federal-State program of unemployment com- all States, would result in savings to employers and a pensation, coordinated with employment service facili- reduction in unemployment compensation revenues of ties, is the permanent Federal program aimed at meet- approximately $65,000,000, or about 7.5 percent of ing the problem of intermittent unemployment. Con- total annual contributions. sequently, the unemployment compensation program

Table 1.—State Unemployment Compensation Funds Available for Benefits, Cumulative Collections and Interest, and Benefits Charged, by States Collect- ing Quarterly, as of June 30, 1939 [Amounts in thousands]

Total funds available for benefits as of June Benefits charged Relation of payments to contributions 30, 1939 Cumulative (percent) collections Month and year and interest Collections, benefits first credited as January- Cumulative State of June 30, 4 Cumulative Total bene- payments to payable 1939. Total June 1939 total fits to contributions 1939 benefits Amount i Index 2 collections through January- cumulative received *t to 1939 and interest3 June 30, June 1939 collections since bene- contributions 1939 and interest fits first payable

Total, all States. _ $1,139,376 135.4 s $1, 764, 444 $367, 527 $625,068 $229,135 35.4 73.5 62.3 States collecting quar- 956, 695 136.1 1, 500,420 316,151 543,725 204, 716 36.2 76.3 64.8 terly, total. Alabama 6. „ January 1938 9,514 107.6 19, 884 4,250 10, 370 2,242 52.2 96.4 52.8 Alaska _- January 1939 842 95.1 1,067 172 225 225 21.1 130.8 130.8 Arizona - - January 1938 2,248 111.6 4,988 1,124 2,740 838 54.9 94.2 74.6 Arkansas, _ January 1939 6,135 115.6 7,135 1,756 1,000 1,000 14.0 56. 9 56.9 California 6. - - January 1938 127, 242 189.4 171, 216 38,422 43, 974 20, 259 25.7 43.7 52.7 Colorado January 1939 9,467 105.8 11,626 2, 565 2,159 2,159 18.6 84.2 84.2 Connecticut January 1938- 21, 743 142.1 37, 052 8,294 15, 309 3,055 41.3 72.3 36.8 Delaware... January 1939.__ - 4,773 121.9 5,171 1,202 398 398 7.7 33.1 33.1 Florida _. ....do 12, 698 128.6 13,473 3,462 775 775 5.8 22.4 22.4 Idaho September 1938.. 2,412 80.2 4,581 972 2,169 1,802 47.3 144.0 185.4 Indiana April 1938. 27,262 100.6 49, 965 10,495 22, 703 6,395 45.4 102.7 60.9 Iowa -- July 1938.. 12, 051 120.9 18, 327 4,160 6,276 3,690 34.2 77.5 88. 7 Kansas. January 1939-. 11,629 114.2 13,148 2,831 1,519 1,519 11.6 53.7 53.7 Kentucky 6_._ do. _-.. 21, 970 116.0 24, 974 5,782 3,004 3,004 12.0 52.0 52.0 Maine January 1938_. 2,556 68.0 9,041 2,022 6,485 1,950 71.7 125.0 96.4 Maryland .do- 12, 095 133.5 25, 588 6,047 13, 493 3,349 52.7 83.3 55.4 Massachusetts 8 60, 965 145.9 98,193 18, 660 37, 228 10,129 37.9 68.2 54.3 Michigan.-- July 1938__--_. 44,479 70.3 100, 938 22, 817 56,459 16,556 55.9 154.4 72.6 Minnesota. January 1938.. 18, 224 152. 8 31,618 7,127 13, 394 5,233 42.4 69.8 73.4 Mississippi7 April 1938.--- 3,429 117.6 5, 726 924 2,297 40.1 84.5 95.5 Missouri January 1939- 41, 833 122.9 44,498 9,986 2,665 2,665 6.0 26.7 26.7 Nebraska.-.--. do_. 8, 336 117.7 9,198 2,023 862 862 9.4 42.6 42.6 N evada do 1,598 104.6 2,020 472 422 422 20.9 89.4 89.4 NewT Jersey 6-. do. 81,419 90, 243 22, 656 8,824 8,824 T 122.1 9.8 38.9 38.9 New Mexico._ December 1938-. 2, 594 105.5 3,240 727 646 637 19.9 87.6 New York 7-- January 1938..- 143,977 146.4 276, 491 48, 404 132, 514 45,183 47.9 76.3 93.3 Ohio _. January 1939..-. 114,389 116. 9 126, 875 27, 668 12, 486 12, 486 9.8 45.1 45.1 Oklahoma. -... December 1938.. 12, 950 102.4 15, 770 2,340 2,820 2,749 17.9 97.3 117.5 Pennsylvania 182, 393 6 January 1938 78, 952 111.9 39, 331 103, 441 31, 895 56.7 94.7 81.1 Rhode Island .-__- d 7,656 96.4 19, 769 3, 426 12,113 2,820 61.3 104.5 82.3 South Dakota January 1939. 2,292 115.9 2,582 578 290 290 11.2 50.2 50.2 Tennessee __- January 1938 10, 781 138. 6 19, 306 4,465 8,525 2,381 44.2 75.9 53.3 Utah .-.__.-.... do - 2, 615 102.1 6,083 1,351 3,468 1,006 57.0 100.7 74.5 Virginia do 13, 924 166. 4 22, 204 5,159 8,280 2,644 37.3 61.5 51.3 Washington 7 January 1939. 19, 269 102.0 22, 902 3, 776 3,633 3,633 15.9 96.2 96.2 Wyoming ....-do .. 2,376 99.0 3,135 705 759 759 24.2 107.7 107.7 States collecting monthly, total _. 182, 681 153.9 264, 024 51, 376 81, 343 24, 419 30.8 58.4 47.5 District of Columbia. -. January 1938. 13, 634 231.3 16,159 3,558 2,525 853 15.6 25.5 24.0 Georgia January 1939. 18, 708 120.7 20, 207 4,506 1,499 1,499 7.4 33.3 33.3 Hawaii do 4,039 124.3 4,127 833 88 88 2.1 10.6 10.6 Louisiana 6- _ January 1938. 14, 462 189.0 21,995 5,025 7, 533 3,526 34.2 54.0 70.2 New Hampshire 8 .-.--do --_ 4,814 113.4 8,418 1,283 3,604 872 42.8 89.5 68.0 North Carolina _. .do.. 14,169 150.5 25,105 5,544 10,936 2,720 43.6 71.4 49.1 North Dakota January 1939- 2,081 109.7 2,457 535 376 376 15.3 70.3 70.3 Oregon January 1938- 6,644 113.5 15, 294 3,226 8,650 2,733 56.6 93.6 84.7 South Carolina...-- July 1938._.__ 9,095 145.1 10, 877 2,318 1,782 1,187 16.4 40.3 51.2 Texas January 1938. 38, 986 197.4 54, 221 11, 663 15, 235 5.891 28.1 45.6 50.5 Vermont _do_. 2,467 174.7 3,652 763 1,185 363 32.4 54.4 47.6 West Virginia _ .do- 9,840 96.5 24, 241 4,865 14, 401 2,336 59.4 104.4 48.0 Wisconsin July 1936. 43, 742 144.4 57, 271 7,257 13, 529 1,975 23.6 9 48.4 27.2

1 Represents sum of balances at end of month in State clearing account, benefit-payment account, and unemployment trust fund account maintained in the IT. S. Treasury. 2 For all States except Wisconsin, index is based upon funds available for benefits as of end of month prior to that in which benefits were first payable; Wisconsin index is based on funds available as of Dec. 31, 1937. 3 Includes refund of $40,561,886 by Federal Government to 13 States, Alaska, and Hawaii, collected on pay rolls for year 1936 under title IX of the Social Security Act. 4 Employer contributions of 2.7 percent are collected in all States except the District of Columbia, Michigan, and New York. In these States the rate is 3 percent. 5 Does not include collections and interest of $154,175,000 for Illinois and $6,224,000 for Montana, because benefits not payable until July 1939. 6 Employee contributions of 1 percent are collected in Alabama, California, Kentucky, and New Jersey; of 0.5 percent in Louisiana; and of 1.5 percent in Rhode Island. Employee contributions in Massachusetts were suspended from July 1, 1938-June 30, 1939. 7 Mississippi, New York, and Washington changed to a quarterly collection basis as of Apr. 1, 1939. 8 New Hampshire will make quarterly collections as of July 1, 1939, although some contributions have already been made on that basis from selected employers. 9 Based on contributions received and payments charged since January 1938. 14 SURVEY OF CURRENT BUSINESS September 1939 should be viewed as a long-range approach to the unem- whether the financial structure of unemployment com- ployment problem with regard to present needs and pensation should be greatly modified before experience future obligations. This consideration, perhaps more extending over a period equivalent to that compre- than any other, led the Social Security Board to point hended by the business cycle is accumulated. When, out that unemployment compensation experience was in addition to the need for a reserve, account is taken so limited as to provide no satisfactory basis for reducing of the wide diversity in economic resources and patterns contribution rates, especially when increasing recogni- of employment among the several States, the desirability tion of the need for more adequate benefits is becoming of a cautious approach to general downward revisions widespread.1 of contribution rates becomes even more evident. In Unlike many other forms of social insurance, unem- this connection, a review of the brief history of the ployment compensation is highly dynamic, because it unemployment compensation system is illuminating. must be adjusted to a changing labor market in which By the middle of 1937, all States, the District of sharp employment fluctuations occur within relatively Columbia, Hawaii, and Alaska had enacted unemploy- brief periods of time. Since the unemployment risk is ment compensation laws, but only Wisconsin, which current, the necessity for providing a reserve against had begun benefit payments in July 1936, had experience the time when the unemployment fund will experience with both contribution collections and benefit pay- severe drains has never been questioned. The unem- ments. Not until January 1938, when benefits became ployment compensation reserve fund is regarded as a payable in 22 additional States, did the comprehensive contingency reserve to meet the impact of unemploy- unemployment compensation program begin to get ment during periods of declining business without underway. Other States entered the benefit-paying having to reduce benefit payments or increase current group at different times during 1938, so that by the contribution rates. This view of the unemployment close of the year 31 jurisdictions were paying benefits. compensation reserve explains the provisions in the In January 1939, 18 others began paying benefits. Illi- Federal act which required that contributions be nois and Montana, the remaining 2 States, began in July. collected for 2 years before benefit payments were The financial experience in unemployment compensa- inaugurated. If the concept of the unemployment tion can be examined best by analyzing the records of compensation reserve is sound, it may be questioned 23 States which have paid benefits for at least 18 1 Figure 4 shows the distribution of weekly benefit amounts. months. Figure 5 shows the summary experience, and

MILLIONS OF DOLLARS 1200

1000

800

600

EXCESS OF CONTRIBUTIONS OVER PAYMENTS

400

^v:vx ;^ FUNDS AVAILABLE FOR BENEFITS AS OF DEC. 31J 937 vv ;/;•:•><;/>:: 200

FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE 1937 1938 1939 D.D. 39-2/4- Fifture 5.—Unemployment Compensation: Cumulative Collections and IntercNt. Cumulative Benefit Payments, and Funds Available for Benefits, as of End of Month in 23> States, January 1938-June 1939. September 1939 SURVEY OF CURRENT BUSINESS 15 figure 6 the quarterly experience of these States. At creased benefit payments which would have been paid the close of December 1937, these States 2 had approxi- to unemployed individuals had the entire employment mately $450,000,000 available for benefits with over experience during the period normally used for calcu- half of this amount credited to 3 States—California, lating benefit rights been available to State agencies. New York, and Pennsylvania. Table 2 lists the If all States had paid benefits throughout the year, it States and the amount of funds available for benefits is estimated that an additional $225,000,000 would in each, prior to January 1, 1938. Except for relatively have been paid out even on the basis of the incomplete small amounts in transit or on deposit in State clearing period of earnings. Moreover, it is not improbable that accounts, practically all of these funds had been de- if certain States lacking diversified industries had paid posited with the United States Treasury in the un- benefits throughout the year, their funds would have employment trust fund to the credit of the respective been almost depleted. State unemployment compensation agencies. In addi- During the first 6 months of 1938, the 23 States paid out approximately $176,000,000, or an average of about Table 2.—Funds Available as of December 31, 1937, for States Paying 3 Benefits as of January 1938 $29,400,000 per month. Payments by these States

Funds available for benefits as of— States paying benefits as of January 1938 MILLIONS OF DOLLARS Dec. 31, 1937 Dec. 31, 1938 June 30, 1939 | 501

Total _ . __ $450,098,446 $576,613, 707 $661, 250, 518 125 Alabama 8 838 347 7,402, 606 9,514,383 Arizona 2,013,866 1,937.097 2, 247, 688 California . 67,172,761 107, 635, 982 127, 241, 588 Connecticut 15.304,439 16, 266, 321 21, 743, 495 IOO District of Columbia 5, 893, 882 10,782,160 13, 634,414 Louisiana 7, 651. 654 12, 804, 802 14,462,113 Maine 3, 758, 947 2, 455, 727 2, 556,122 Maryland ._ 9,057, 378 9,269,231 12, 095, 074 Massachusetts 41,775.282 51.730,133 60, 964, 705 Minnesota 11, 923, 982 16,127, 426 18, 224,356 New Hampshire 4, 247, 390 4, 350,160 4,813,598 New York 98, 362, 706 138,959, 357 143, 976, 850 North Carolina 9, 412, 835 11,195.373 14,168,922 Oregon . __ _ _ 5, 855, 276 6,079, 756 6, 613. 952 Pennsylvania 70,539, 642 70, 585,021 78, 951, 890 25 Rhode Island . 7, 939. 285 6, 960, 286 7, 655, 764 Tennessee . _ _ . 7, 775, 930 8, 577,009 10,781,183 Texas 19, 752, 701 32,782,512 38, 986, 245 Utah 2,560,109 2, 240, 445 2,615,421 March June Sept. Dec. March June Vermont 1,412,106 2,041,928 2. 467, 026 1938 1939 Virginia 8 367 459 11, 253, 882 13, 924,097 V777A Contributions Benefits West Virginia. _ _ _ 10, 199,770 7, 216, 963 9. 839,547 Wisconsin 30 282 699 37 959 530 43, 742. 085 Figure 6.—Unemployment Compensation Benefit Payments and Contri- butions Collected in the 23 States Paying Benefits Since January 1, 1938, by Quarters. NOTE.—The data on contributions collected represent the amounts the States have tion to the deposits of contributions, the State agencies collected from employers and employees. Except for the District of Columbia, New York, and Wisconsin, the employer State contribution rate was 0.9 percent in are credited with interest earned on such funds which 1936; 1.8 percent in 1937; and 2.7 percent of taxable wages in 1938 and thereafter. Employee contributions were collected in 1936 in three of these States for all or a by January 1, 1938, amounted to $6,500,000. portion of the year; in 1937, six States; in 1938, five States; and in 1939, four States. The decline in employment during the latter half of 1937 was one of the sharpest experienced in this country, were made at the rate of 88 cents for each dollar of with the volume of unemployment still increasing when contributions received during this period. In some of benefits first became payable in January 1938. More these States, however—especially in Maine, Rhode than 2 million claims were filed during the first month, Island,4 Utah, and West Virginia, where a few industries and with employment opportunities restricted, many determine the State employment pattern—severe unemployed workers were destined to draw benefits drains were made on the funds. (See figure 7 showing until their wage credits were exhausted. the cumulative experience of West Virginia.) Current It was subsequently contended, therefore, since un- disbursements of benefits far exceeded current collec- employment compensation funds remained solvent tion of contributions in these States. Maine paid out despite the severe drains, that some consideration might $2.07; Rhode Island, $1.65; Utah, $1.87; and West reasonably be given to a reduction in the contribution Virginia, $1.84 for each $1 in contributions received rates. In this connection, there is a tendency to over- during this period. By the end of June 1938 funds look the fact that benefits paid in 1938 did not represent available for benefits in these 4 States had been reduced what the benefits would have been in that year if all to between 65 and 75 percent of the reserves wlrieh had States had been paying benefits and if the employees been accumulated prior to the initiation of benefit covered by the State laws had had complete employ- payments. In other words, about half the contribu- ment experience to have established their full benefit 3 Because of waiting-period requirements, only negligible amounts were paid out rights. No accurate estimate can be made of the in- in January 1938. 4 Rhode Island, unlike most States, has an employee contribution which by the 2 Wisconsin by the end of December 1937 had paid out about $2,263,000 in benefits. end of June 1938 amounted to $3,443,000. 16 SURVEY OF CURRENT BUSINESS September 1939

l tions collected on pay rolls covering nearly 2 /2 years payments in New York, pending clarification of admin- were paid out for benefits in a little more than 5 months.5 istrative procedures. The major reasons underlying Although these States experienced the most severe the reduction in benefit payments, however, w^ere the drains, New Hampshire, Oregon, Alabama, Arizona, exhaustion of wage credits by workers who had drawn Tennessee, Connecticut, and Maryland also had to the maximum amounts allowed under the State laws, draw substantially upon their reserves in order to meet and the reemployment of claimants during the fall im- benefit-payment obligations. In sharp contrast with provement in business activity. An instance reflecting a rapid decline in reserves is MILLIONS OF afforded by Michigan, which began to pay benefits in DOLLARS TEXAS 60 July 1938. In that State, despite the expansion of production in its major industries, benefit payments far exceeded contributions, with nearly $3 in benefits being 50 paid for each $1 in contributions received during the latter half of 1938.6 By the end of 1938, Michigan's COLLECTIONS reserve had been reduced about 40 percent, or, express- 40 ing this another way, 5 months of benefit payments approximated over half of the collections made at the graduated contribution rates for a 33-month period.

30 Other States in which the reserve at the end of 1938 was 10 percent or more below the amount of funds EXCESS OF CONTRIBUTIONS available when benefit payments first began w^ere Rhode Island,7 West Virginia, Alabama,7 Indiana, Maine, and Utah. Substantial increases in reserves, on the other hand, had been accumulated by the close of the year in the District of Columbia, Louisiana,7 New York, Texas, Vermont, and California.7 Benefit payments by the 31 benefit-paying States during 1938 totaled more than $394,000,000. Of this WEST VIRGINIA amount, $332,500,000 was accounted for by the 23 30 I—r i i i r i States in which benefits were paid throughout 1938. In these States, 74 cents in benefits was paid for each

COLLECTIONS. $1 in contributions currently received. The States initiating benefit operations in January 1939 began under conditions quite different from those prevailing in January 1938. Employment w^as at a higher level, procedures had been worked out carefully on the basis of the experience of earlier benefit-paying States, and personnel had been better trained. Aggre- gate payments for the 49 benefit-paying jurisdictions DEC. 31 during the first 6 months of 1939 totaled $229,100,000 P.P. 39-2/J with monthly payments averaging $38,200,000. The Figure 7.—Unemployment Compensation: Cumulative Collections and 18 new jurisdictions accounted for 33 percent of the Interest, Cumulative Benefit Payments, and Funds Available for Bene- fits in Texas and West Virginia. January 1938-June 1939. total paid out during the first half of this year. In all, about 62 cents was paid out for each $1 in contributions the experience of these States was that of the District collected during this period. Benefit payments for the of Columbia, Louisiana, Texas, and California, which group of 23 States during the first half of 1939 continued added substantial amounts to their reserves because at the same level as in the last half of 1938. contributions currently exceeded benefit payments. Improving employment conditions during the first (See figure 7, showing the Texas experience.) half of 1939 are reflected in table 3, which shows changes In the second half of 1938, the drain on funds was in the status of funds of the 49 benefit-paying jurisdic- somewhat reduced, with payments by the 23 States tions for the first 6 months of the year. Idaho was the averaging about $26,000,000 per month, as compared only State in which the funds available for benefits with $29,400,000 in the first 6 months of 1938. Part 6 The ratio was somewhat inflated because Michigan shifted to a quarterly collec- of the decline was attributable to partial suspension of tion basis on July 1,1938. During the period July-December 1938, therefore, contributions wTere collected on pay rolls for June through September in addition to some 5 The full employer contribution rate of 2.7 percent did not go into effect until delinquent receipts, but no contributions were received on fourth-quarter pay rolls January 1938. These States had employer contribution rates of 0.9 and 1.8 percent until January 1939. The ratio is therefore based on 5 months of payments (only a of pay rolls for 1936 and 1937, respectively. In Rhode Island, the contributions of negligible volume of payments being made in July), and more than 4 months of both employers and employees were equivalent to 2.8 and 4.2 percent of pay rolls for collections. the years 1937 and 1938, respectively. 7 These States had employee contributions. September 1939 SURVEY OF CURRENT BUSINESS 17 were reduced significantly during the first 6 months of the unemployment compensation reserve can be solved 1939. On the other hand, Rhode Island and West only by careful analysis of the labor market and em- Virginia, which had drawn on reserves rather heavily ployment pattern of the area to which an unemploy- in 1938, increased their reserves throughout the period, ment compensation plan applies. (See table 4, which and by the end of June the total was within 5 percent gives a comparison of receipts and payments.) Since of the reserve available when benefits first became the reserve is determined by the inflow of funds (con- payable. In Maine, however, little recovery from the tribution rate related to pay rolls) as compared with 1938 drain on reserves occurred. disbursements in the form of benefit payments (related In the year and a half ended June 30, 1939, during to levels and trends of unemployment), any modification of the financial structure must give consideration Table 3.—Funds Available for Benefits, by States, as of December 31,1938, and June 30, 1939 to both influences. The differences among the States [Data corrected to Aug. 16,1939] in the condition of their reserves after a year and a half of benefit experience bear a close relation to fluctu- Funds available for benefits as of— Percentage ation in employment and earnings of workers in those States change States. Benefit payments in the first few months of Dec. 31, 1938 June 30, 1939 1938 were frequently made to workers who had become Total.. $987,912,801 $1,139,396,302 +15.3 unemployed during the latter months of 1937 and had Alabama 7, 402, 606 9,514,383 +28.5 failed to be reemployed. Consequently, it is difficult Alaska ..__ 884, 607 842,055 -4.8 Arizona 1,937,097 2, 247,688 +16.0 to draw an exact relation between employment fluctu- Arkansas 5,309,341 6,134,933 +15.5 California 107, 635,982 127,241,588 +18.2 ations and benefit payments during this period. The Colorado 8,944,314 9,467,417 +5.8 Connecticut 16, 266,321 21, 743, 495 +33.7 initial stages of benefit payments are always influenced Delaware 3,915,184 4,772, 801 +21.9 District of Columbia. 10, 782,160 13, 634, 414 +26.5 by a backlog of unemployment already accumulated. Florida 9, 870,515 12,697,613 +28.6 Unfortunately, adequate employment and pay-roll Georgia 15,501,562 18,708,085 +20.7 Hawaii 3, 249,383 4,049,037 +24.6 data by industries and by States for purposes of this Idaho 3,211, 246 2,411,962 -24.9 Illinois.... analysis are not now available for an extended period. Indiana 22, 855, 789 27, 261, 857 +19.3 Iowa 11,445,979 12,051,441 +5.3 As part of the information needed in connection with Kansas 10,180, 746 11, 628, 559 +14.2 Kentucky. 18,936,338 21,969, 568 +16.0 administration of unemployment compensation laws, Louisiana.. 12, 804, 802 14,462,113 +12.9 Maine 2,455, 727 2,556,122 +4.1 the State agencies have been obtaining these data Maryland 9, 269, 231 12,095,074 +30.5 from subject employers. The Social Security Board Massachusetts 51, 730,133 60,964, 705 +17.9 Michigan 37, 723, 004 44,477,330 +17.9 has provided in its statistical reporting program for the Minnesota 16,127,426 18, 224,356 +13.0 Mississippi 3,347,137 3,428,946 +2.4 collection, tabulation, and analyses of these employ- Missouri 34,035,738 41,845,190 +22.9 Montana ment and pay-roll data. This information is now Nebraska., 7,081. 592 8,336,384 +17.7 Nevada 1, 528, 287 1,598,110 +4.6 available by months for 1938 from almost all States. New Hampshire.. 4,350,160 4, 813,598 +10.7 An examination of these reports reveals wide varia- New Jersey 66, 690, 639 81,419,230 +22.1 New Mexico 2, 472,068 2,593, 528 +4.9 tions in the stability of employment among the States New York 138,959,357 143,976, 850 +3.6 North Carolina.. 11.195,373 14,168,922 +26.6 during 1938. Those States which added large incre- North Dakota... 1, 897, 266 2,080, 807 +9.7 Ohio 97, 884,134 114,388,617 +16.9 ments to their reserves during the period of benefit Oklahoma 13, 202,196 12.950, 267 -1.9 Oregon 6,079, 756 6, 643, 952 +9.3 payments were also the States where the declines in Pennsylvania.... 70, 585, 021 78.951, 890 +11.9 Ehode Island 6,960, 286 7, 655, 764 +10.0 employment were least marked. During the first South Carolina- 7, 862, 700 9,095,126 +15.7 half of 1938, for example, employment in the District South Dakota. _ 1,977,066 2, 292, 032 +15.9 Tennessee 8, 577,009 10, 781,183 +25.7 of Columbia, California, Louisiana, and Texas Texas 32, 782, 512 38,986, 245 +18.9 Utah 2, 240, 445 2, 615, 421 +16. 7 remained at relatively high levels. It is quite probable Vermont 2, 041,928 2,467, 026 +20.8 Virginia 11,253,882 13,924,097 +23.7 that were data available for a longer period, such Washington 18, 890,971 19, 268,639 +2.0 West Virginia... 7, 216,963 9, 839, 547 +36. 3 slight declines as did occur would be found to be Wisconsin 37,959, 530 43, 742, 085 +15. 2 Wyoming 2, 401, 292 2,376, 250 -1.0 essentially seasonal in character. In contrast to this experience, steady declines in employment occurred from the already greatly reduced levels reached at the which 49 agencies paid benefits for a varying number close of 1937 in the States confronted with severe of months, over $625,000,000 had been paid to unem- drains on reserves. Furthermore, while fairly sharp ployed individuals. About $236,000,000 of the total State-wide reductions were registered in many instances was paid in two States—New York and Pennsylvania. during the first half of 1938, the declines in some of the Despite this necessarily limited analysis of the brief major industries were somewhat more pronounced. unemployment compensation experience, several obser- In Rhode Island, for example, average employment vations having a bearing on considerations relating to during the first 6 months of 1938 was 20 percent lower modification of the financial structure may be made. than for the corresponding period of 1937. Employ- The extreme differences in the financial drains within ment in textile mills in 1938, however, representing the same period clearly indicate that the problem of nearly a third of total employment in the State, was, 173409—39 3 18 SURVEY OF CURRENT BUSINESS September 1939 during the first 6 months of 1938, 24 percent below iron, and steel industries, where spread-work programs the monthly average for 1937. The decline in the level had been developed, wliich accounted for a considerable of employment would be even more sharply emphasized, volume of benefits for partial unemployment. if comparison could be made with the first half of 1937 In State systems of unemployment compensation, for which data are not available. In Maine, over half therefore, the size of the reserve must be determined of the employment is concentrated in manufacturing, by the character of the employment pattern in a given which is dominated by the textile, paper, and shoe State. This approach clearly indicates that certain industries. These groups comprised about 40 percent States with stable or expanding employment may look of total employment in this State. Employment in forward to a reduction in contribution rates, but only textile and paper declined almost continuously through- if provisions for adequate benefit payments have been out the first 6 months of 1938, the average for the made. In other States the present 2.7 percent of last 3 months representing a decrease of 14 percent from pay rolls may prove to be inadequate to meet the January. Although the shoe industry showed a rela- drains resulting from sharp and frequent fluctuations in tively sharp pick-up in the spring months, employment employment, especially if industrial diversification is in this industry had receded to the low point for the 6 lacking and if benefit payments are liberalized. months, by June. A plan which permits variations in contribution rates The Utah experience reflected mainly the steady re- among the several States gives rise to a serious diffi- duction of employment in the metal mines and in the culty in that it may develop competitive disadvantages railroad industry. The level of employment in metal between States and industries and so destroy the major mining during the first half of 1938 was 15 percent objective of the tax-offset device. An equally impor- below the corresponding period in 1937. In West tant consideration is that such a plan tends to perpetu- Virginia, the pattern of employment is dominated by ate existing benefit standards, if not to lower them, so bituminous mining, chemicals, stone, clay, and glass, that rigidities are introduced in a system which should and the iron and steel industries, these groups com- be characterized by flexibility. Finally, such a plan prising over half of the employment in the State. makes difficult the establishment of some kind of broad Rather sharp reductions in employment occurred in equalization or reinsurance scheme to assure the con- these groups in the fourth quarter of 1937, but de- tinuation of benefit payments in States where severe creases were most pronounced during the first half of unemployment, occurring during certain phases of the 1938. Employment in the bituminous-coal industry business cycle, might quickly exhaust the fund which was nearly 14 percent lower than in the first half of had been accumulated to meet just such an emergency. 1937; in chemicals, 34 percent lower; in stone, clay, Indeed it may be contended that a prerequisite to and glass, 26 percent lower; and in iron and steel the reduction in contribution rates might well be the crea- decrease amounted to nearly 17 percent. Wage losses tion of an equalization fund for reinforcing the solvency were even more pronounced, particularly in the coal, of State systems.

Table 4.—Comparison of Contributions Deposited and Benefits Charged, by Quarters, January 1938-June 1939, for 23 States in Which Benefits Were Pay- able in January 1938 [In thousands]

Relation of benefits Total January January- April-June July-Septem- October-De- January- April-June charged to contribu- 1938-June 1939 March 1938 1938 ber 1938 cember 1938 March 1939 1939 tions deposited State Con- Con- Con- Con- Con- Con- Janu- Janu- January Bene- Bene- Bene- Bene- Bene- Con- Bene- Bene- ary- ary-De- 1938- tribu- tribu- fits tribu- tribu- tribu- tribu- tribu- fits tions fits tions fits fits tions fits fits June cember June tions tions tions tions 1938 1938 1939

Total $678, 633 $486, 788 $82,886 $64, 354 $118, 408 $111,911$126, 213 $96,949 $119, 860 $59, 321 $129,135 $75,901 $102,131 $78, 352 87.6 74.3 71.7 Alabama 10,757 10,370 966 1,322 1,854 2,644 1,835 2,512 1,852 1,650 2,223 1,117 2,027 1,125 140.6 124.9 96.4 Arizona 2,740 523 361 244 600 516 518 501 423 593 430 531 408 125.3 106.6 94.2 2,908 2,904 California 100, 58r 43,974 8,231 16,962 6,974 18, 300 7,076 18, 668 6,761 20, 598 9,741 17, 824 10, 518 39.2 38.2 43.7 Connecticut 15, 309 1,858 3,767 3,642 3,7: 3,62: 3,386 3, 75: 1,321 4,383 1,715 3,911 1, 340 137.2 95.1 72.3 21,178 2,526 240 25.5 District of Columbia 9,920 1,348 1,815 571 1,508 436 1,691 426 1,900 50: 1,658 346 25.6 26. 3 Louisiana 13,942 7,533 2,199 340 2,192 1,160 2,232 1,332 2,294 1,1' 2,626 1,816 2,399 1,710 34.2 44.9 54.0 Maine 5,188 6,485 352 921 900 1,668 917 974 99" 972 1,066 1,067 956 883 206.8 143.2 125. 0 Maryland 16, 202 13, 492 2,222 2,399 2,456 3,355 2,727 2,681 2,750 1,708 3,288 1,830 2,759 1,519 123.0 99.9 83.3 Massachusetts 54, 611 37, 229 6,154 5,645 10, 658 7,115 10, 83S 8,991 8,300 5,349 9,796 5,020 8,864 5,109 75.9 75.4 68.2 Minnesota 19,194 13,394 1,841 1,200 3,234 3,661 3,406 1, 3, 586 1,413 3, 83, 3,155 3,292 2,078 95.8 67.6 New Hampshire 4,029 3,605 607 654 689 1,004 693 674 75' 401 771 512 484 127. 9 99.5 New York 173,641 132, 513 21,014 13,852 33,347 32, 985 38, 340 26, 518 32, 536 13,975 32, 581 22, 739 15, 823 22, 444 86.2 69.7 76.3 North Carolina 15,325 10,'" 2,245 1,460 2,390 3, 3Q1 2,491 2,299 2,655 1,157 2,824 1,501 2,720 1,219 102. 84.0 71.4 Oregon 9,240 8,650 1,362 1,501 1,439 2,33^ 1,581 1,184 1,63! 89 1,658 1,652 1,568 1,081 137.0 98.4 93.6 Pennsylvania 109, 287 103,441 15,869 14, 771 17, 888 22, 490 17, 986 21, 628 18, 213 12,657 20, 663 13,172 18, 668 18, 723 110.4 102.3 94.7 Rhode Island 11,593 12,113 1,872 3,293 2,031 3,147 1,991 1,912 2,273 941 1,129 1,169 2,297 1,651 165.0 113.8 104.5 Tennessee 11, 235 8,526 834 1,145 1,914 2,22' 1,962 1,768 2,060 1,00, 2,398 1,132 2,067 1,249 122. 90.8 75.9 Texas 33, 405 15, 235 5, 293 1,1 5,378 2,528 5,785 2, 913 5,286 2,728 6,190 3,223 5,473 2,668 34.7 43.0 45.6 Utah 3,444 3,468 219 729 598 801 623 654 653 278 735 572 616 434 187.3 117. 6 100.7 Vermont 2,179 1,185 282 289 390 256 352 160 392 117 394 202 369 161 81.1 58.1 54.4 Virginia 13,453 8,280 1,31 797 2,223 1,811 2,336 2,032 2,418 996 2,735 1,259 2,424 1,381 73. 68.0! 61.5 West Virginia 13,793 14, 401 2,117 2,713 2,209 5,251 2,161 2,933 2,441 1,168 2,732 1,284 2,133 1,052 184.1 135.ll 104.4 Wisconsin 23, 526 11,382 4,161 2,876 3,955 2,245 4,005 2,481 4,148 l,80J 4,017 1,210 3,240 765 63.1 57.8! 48.4 September 1939 SURVEY OF CURRENT BUSINESS 19

Monthly Business Statistics The data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF CURRENT BUSINESS. That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series, and references to sources of monthly figures prior to 1934. The 1938 supplement may be secured from the Superintendent of Documents, Government Printing Office, Washington, D. C, for 40 cents per copy. A few series have been added or revised since the 1938 Supplement went to press. These are indicated by an asterisk (*) for the new series and by a dagger (f) for the revised series. A brief footnote accompanying each of these series provides a reference to the source where the descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal variations. Data subsequent to July will be found in the Weekly Supplement to the SURVEY.

BUSINESS INDEXES INCOME PAYMENTS t Adjusted index. _._ 1929=100.. 83.5 80.7 81.5 82.0 82.1 83.2 84.1 83.7 83.5 84.2 82.7 82.8 '83.5 Unadjusted index do 83.9 81.0 76.1 83.5 86. 3 80.9 90.9 84.3 77.8 84.3 83.0 79.6 '87.2 Total. mil. of doL. 5,494 5,304 4,985 5,465 5,651 5,302 5,955 5,517 5,093 5,521 5,438 5,209 5, 713 Compensation of employees: Adjusted index 1929=100,. 79.8 81.4 82.5 83.1 84.6 86.2 85.4 85.1 85.0 83.3 83.3 Total mil.ofdoL. 3,559 3,357 3,418 3,570 3,675 3,675 3,718 3,580 3.575 3,624 3, 590 3,627 ' 3, 695 Mfg., mining, and construction do 1,150 1,002 1,056 1,102 1,137 1,145 1,166 1,125 1,146 1,160 1,123 1,130 r 1,169 Transportation and utilities do 391 366 373 374 386 377 378 373 3G3 381 372 384 ' 391 Trade and finance do 644 625 619 632 641 646 683 639 631 637 644 645 r 650 Government, service, and other do 1,220 1,175 1,173 1, 265 1,305 1,298 1,288 1,250 1,247 1,254 1,266 1,288 ' 1, 315 Work relief do 154 189 197 197 206 209 203 193 188 192 185 .180 '170 Dividends and interest do 794 788 412 692 739 450 1,079 779 420 735 720 435 879 Entrepreneurial withdrawals and net rents and royalties mil. of dol_. 1,007 1,025 1,015 1,067 1,108 1,055 1,030 1,014 957 1,004 990 1,006 995 Direct and other relief do 85 84 84 85 92 95 96 98 94 90 90 Benefit payments under Social Security Act mil. of doL. 46 55 52 45 37 36 39 45 60 44 51 INDUSTRIAL PRODUCTION {Federal Reserve) Combined index, unadjusted 1923-25=100.. 81 87 91 97 104 98 100 99 100 95 94 Manufactures, unadjusted do 79 85 89 95 103 98 99 98 100 96 94 '97 Durable goods* do 58 63 66 79 92 85 84 83 86 84 78 '85 Automobiles do v 66 45 26 26 63 115 117 105 98 105 106 88 91 Cement do 100 87 87 86 91 83 64 42 48 65 79 88 98 Glass, plate._ ...do 78 69 89 107 155 155 153 147 133 138 91 93 112 Iron and steel do P97 57 69 75 88 100 89 91 92 93 88 79 89 Nondurable goods* do v 106 97 104 109 109 113 108 111 111 111 106 107 ' 108 Leather and products do 113 102 121 119 111 102 104 115 126 125 112 104 -•104 Petroleum refmingf do 199 203 206 209 208 202 205 20^ 201 '208 211 215 Rubber tires and tubesf do 81 90 95 99 100 112 110 109 114 104 102 112 Slaughtering and meat packing do 79 77 90 94 104 101 101 83 84 81 92 86 Textiles ___do~~ 90 103 104 103 116 111 114 115 112 100 104 105 Tobacco manufactures do 167 172 177 161 167 145 157 147 156 151 172 186 Minerals, unadjusted do 93 97 102 106 105 103 105 105 102 88 97 105 Anthracite do.... 39 38 51 63 60 66 74 66 50 83 73 51 Bituminous coal do 55 62 76 79 86 82 83 83 77 26 40 '63 Iron-ore shipments do 78 76 78 86 35 0 0 0 0 0 82 132 Lead do 52 44 48 52 69 58 71 75 70 70 80 71 Petroleum, crude do 165 170 163 163 163 164 164 166 171 174 177 173 Silver. __ .do.... 84 104 97 101 55 86 86 108 94 102 69 105 Zinc do-__. 64 69 71 78 88 96 94 93 96 94 90 87 83 103 104 102 92 Combined index, adjusted ___ do 82 88 90 96 99 98 92 '98 Manufactures, adjusted do 58 87 89 95 103 104 100 97 96 92 91 '97 Durable goods* do 43 64 69 83 94 92 89 83 80 76 71 '82 Automobiles.. ..do 71 45 46 84 96 99 105 98 91 87 73 81 Cement do 77 67 69 80 84 82 69 80 90 81 75 79 Glass, plate do 62 89 107 155 155 153 147 133 131 83 89 124 Iron and steel do 102 70 75 90 108 101 94 87 83 79 73 89 Nondurable goods* do 103 108 107 106 110 114 110 109 110 '106 108 '110 Leather and products do 200 109 103 101 107 123 124 124 121 '115 113 ' 108 Petroleum refiningf ...do 81 203 206 208 208 201 205 201 202 ••209 211 215 Rubber tires and tubesf- do 111 83 90 95 99 100 112 110 109 114 104 102 112 Slaughtering and meat packing do 89 97 89 98 95 94 86 87 83 89 90 94 87 Textiles do.... v 111 154 no 103 100 112 117 109 109 110 97 104 111 Tobacco manufactures ...do 158 93 161 160 150 164 179 165 162 164 164 170 170 Minerals, adjusted do *> 108 47 95 97 98 102 109 110 110 110 95 98 ' 104 Anthracite do P53 60 38 50 49 '58 ' 67 69 61 61 80 73 59 Bituminous coal _ do v 76 38 64 71 72 76 78 75 79 77 31 46 '71 Iron-ore shipments do 74 54 37 41 50 42 0 0 0 0 0 55 67 Lead ...do 68 161 46 50 50 66 57 70 73 69 71 82 70 Petroleum, crude ..do * 176 99 167 158 161 165 169 171 169 173 174 175 170 Silver __ do-.. 69 105 102 102 51 85 86 100 86 101 71 107 Zinc... _ do—. 91 74 75 80 88 94 89 87 90 91 89 90 ' Revised. v Preliminary. •New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March 1939 Survey. fRevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934, and rubber tires and tubes, unadjusted and adjusted, beginning 1936; see table 36, p. 17 of the August 1939 Survey. For revised income payments beginning 1929, see pp. 15-20 of the October 1938 Survey. 20 SURVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 193S 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Novem- Decem- Janu- Febru- 1938 Supplement to the Survey July July August tember October ber ber ary ary March April May June

BUSINESS INDEXES—Continued MARKETINGS Agricultural products (quantity): Combined index _ 1923-25=100.. 94 92 92 117 131 99 76 65 56 68 65 81 81 Animal products _ do 8S 85 89 83 89 89 81 77 64 78 81 99 Dairy products _ do __. 133 136 153 137 114 87 91 97 94 104 103 135 14* Livestock do 00 60 72 75 85 78 67 73 56 65 62 72 Poultry and eggs do _ _ 91 79 73 68 76 116 116 80 70 104 123 145 11- Wool --. do 380 487 317 76 139 160 68 41 50 45 77 193 38 Crops do . 101 100 96 152 174 108 71 53 46 57 50 63 Cotton do 40 19 61 235 267 154 78 37 34 35 22 2 Fruits - -do 78 81 80 90 113 79 85 82 78 93 95 92 8 Grains do 184 205 155 110 128 85 62 51 38 50 50 80 10 Vegetables do 49 63 46 87 86 67 61 77 78 107 89 106 11 Agricultural products, cash income from farm marketings: Crops and livestock, combined index: Unadjusted 1924-29 = 100__ 63. 0 72.0 72.5 85.0 91.5 78.0 72.5 68.5 51.0 57.5 55.0 60.0 59. Adiusted do 62 5 82 5 72 0 72 5 67.5 69.5 68 0 67.5 60 0 64 0 64 5 65 0 60 Crops do.. . 51.0 86. 5 63.0 61.0 55.5 55.5 55.0 55.5 44.5 49.5 51.5 49.0 45. Livestock and products do 74.5 78.5 81.0 84.5 80.0 84.0 82.0 80.0 76.5 79.5 78.0 82 0 75 Dairy products . do ._ 77.0 82.0 84.5 86.5 86.0 85.5 89.5 88.5 85.5 80.0 76.0 70.5 77 Meat animals do 73.5 80.0 82.0 87.0 77.5 83.5 78.0 79.0 77.5 84 0 75 0 83 5 76 Chickens and eggs do _ 75.0 75.0 75.5 75.5 77.5 83.5 81.0 67.0 56.5 71.5 70.0 80.0 73. WORLD STOCKS Combined index (quantity) f 1923-25 = 100.- 221 222 207 201 192 189 186 183 181 182 182 19 Cotton adjusted do 245 287 281 241 217 202 201 202 204 201 205 211 22 Rubber, adjusted f .do 316 308 300 294 284 255 268 258 248 241 239 22 Silk adjusted do 98 184 168 172 179 172 164 144 120 111 101 84 8 Sugar adjusted -do 218 221 195 199 188 192 184 187 191 187 184 18 Tea, adjusted do 115 118 119 126 129 127 132 126 118 110 106 10 Tin unadjusted do 115 102 104 105 105 102 105 111 126 127 129 119 11 Wheat, adjusted do 129 146 163 169 169 167 162 151 151 162 166 18 COMMODITY PRICES

COST OF LIVING (National Industrial Conference Board) Combined index - 1923=100 84.9 86.5 85.9 85.9 85.8 85.6 85.8 85.4 85.1 84.9 85.0 84.8 84.7 Clothing do 71.9 73.5 73.4 73.3 73.2 73.2 73.0 72.7 72.4 72.3 72.2 72.1 72.0 Food do 78.1 81.7 80.1 80.4 79.8 79.5 80.3 79.2 78.4 78.0 78.2 78.1 77.9 Fuel and light _-do 83.8 84.1 84.4 85.0 85.6 85.9 86.0 85.9 85.9 85.8 85.2 84.0 83.4 Housing do__ _ 86.3 86.6 86.6 86.6 86.6 86.4 86.2 86.2 86.1 86.1 86.2 86.2 86.0 Sundries - do 96.9 97.4 96.9 96.8 96.8 96.8 96.8 96.8 96.7 96.7 96.7 96.6 96.6 PRICES RECEIVED BY FARMERS § (U. S. Department of Agriculture) Combined index - . 1909-14=100._ 89 95 92 95 95 94 96 94 92 91 89 90 89 Chickens and eggs . . do 89 103 105 118 124 131 127 97 91 88 87 85 83 Cotton and cottonseed do 73 71 69 69 72 73 70 71 70 71 70 72 73 Dairy products do 96 101 102 104 107 109 112 109 107 100 95 92 94 Fruits -- do 80 79 78 75 70 71 73 76 78 81 82 85 93 Grains . . do 60 72 62 63 60 60 63 66 66 66 67 72 73 Meat animals -- do 107 123 115 117 111 111 109 112 116 116 114 112 107 Truck crops _do____ 101 99 92 107 107 102 108 96 108 114 102 110 105 Miscellaneous do 89 87 99 98 107 95 108 109 92 83 86 83 81 RETAIL PRICES U. S. Department of Labor indexes: Coal: AnthrnpHp 1923 ^5—100 78 4 81 8 80 8 75 1 Bituminous do 88.0 89.3 89.4 85.2 Food _do. 76. 5 80.0 78.4 78.7 78.1 77.8 78.6 77.5 76.8 76.4 76.6 76.5 76.3 Fairchild's index: Combined index Dec, 31, 1930=100_. S9. 3 89.0 89.0 89.0 89.0 88.9 88.9 89.1 89.1 89.1 89.1 89.1 89.1 Apparel: Infants' do 95. 0 96.8 90. 6 96.5 96.4 96.4 96.3 96.3 96.2 96.2 96.0 95. 9 95.9 Men's - do *S. 4 88.9 89. 0 88.7 88.7 88.7 88.7 88.7 88.5 88.4 88.4 88. 4 88.4 Women's __do Ss. u 80. 0 89.4 89 4 89. 4 89.2 89.0 89.0 88.9 88.8 88.8 88.8 88.1 Home furnishings - do W. 6 9!. 5 91. 3 91.1 90.9 90. 4 90.4 90.5 90.5 90.5 90. 5 90. 5 90. f Piece soods __do 81. ' M.$ 84.5 84. 5 84.5 84.4 84.3 84.3 84.3 84.3 84.1 84.1 84.0 WHOLESALE PRICES U. S. Department of Labor indexes: Combined index (813 quotations)-1926=100__ 75. 4 78.8 78,1 78.3 77.6 77.5 77.0 76.9 76.9 76.7 76.2 76.2 75.6 Economic classes: Finished products do 79 2 82.5 81.8 81.8 81.1 80.5 80.2 80.0 80.2 80.2 80.1 79.9 79.6 Raw materials - do 07. 8 72. 3 71.4 72.0 70.9 71.5 70.9 70. 9 70.9 70.1 68.5 08. 9 07. 7 Semimanufactures _ do 74.4 74.3 74.4 74.7 75. 9 70.2 75.2 74.9 74.4 74.6 74.4 74.3 74.1 Farm products do 02. 0 69. 4 07.3 6S.1 66.8 07.8 67.6 67.2 67.2 65.8 63.7 03. 7 02.4 Grains - do 52. 3 58 3 53.4 53.0 50.8 50. 9 54.4 56.3 54.7 54. 5 55.2 59. 6 58. 2 Livestock and poultry do 09. 7 84.4 80. 0 81.0 70.2 75.2 74.4 78.0 79.2 78.2 75. 5 09.4 Foods - do 07. f> 74.3 73.0 74.5 73.5 74.1 73.1 71.5 71.5 70.2 68.6 G&2 07.6 Dairy products do 01. 0 69.5 OS. 8 71.1 71.6 72.5 73.9 71.8 71.6 64.8 58.1 58.6 60. 0 Fruits and vegetables do 62. 0 56. 4 57.3 55. 5 57.5 03. 0 60.4 60.9 62.1 63.2 64.3 63.8 62.5 Meats -- .-do 75.3 89.7 80.0 87.3 83.3 81.9 79.9 81.6 83.2 82.5 81.0 78.6 75.7 Commodities other than farm products and foods 1926=100 gn 2 81.4 81.4 81.3 ! 81.1 80.6 80.3 80.2 80.2 80.4 80. 5 80.6 80. 2 Building materials .-do 89. 7 89.2 89.4 89. 5 89.8 89.2 89.4 89.5 89.6 89.8 89.6 89.5 S9.5 Brick and tile do 90. 0 90.7 90. 6 90.9 91.1 91.5 91.5 92.4 92.4 92.5 93.0 91.7 91.1 Cementt do _ 91. 5 91.0 91.0 90.7 90. 7 90.6 90.6 90.6 91.2 91.5 91.5 91.5 91.5 Lumber - ...do 91.8 88.8 90.2 90.4 90.3 90.2 90.9 91.7 92.6 92.1 91.5 91.2 90.7 t Revised series. Combined index of world stocks revised beginning January 1920; see table 5, p. 17 of the January 1939 Survey. For subsequent 1938 revisions in the combined index and in the rubber index, see p. 20 of the June 1939 issue. Cement price index revised beginning 1926. and data not shown on p. 20 of the May 1939 Survey will appear in a subsequent issue; the building materials group and the combined index of all commodities have not been revised, as the effect of the change in cement prices on § Data for Aug. 15,1939: Total 88, chickens and eggs 90, cotton and cottonseed 71, dairy products 100, fruits 70, grains 64, meat animals 101, truck crops 101, miscellaneous 100. September 1939 SURVEY OF CURRENT BUSINESS 21

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Mo vein-1 Decem- Janu- Febru- 1938 Supplement to the Survey July July August tember October ber ber ary ary March April May June COMMODITY PRICES—Continued

WHOLESALE PEICES—Continued U. S. Department of Labor indexes—Contd. Combined index—Contd. Commodities other than farm products and foods—Continued. Chemicals and drugs 1926=100.. 75.0 77.7 77.7 77.3 77.1 76.6 76.7 76.7 76.3 76.5 76.0 75.9 75.7 Chemicals do 78.2 81.7 81 4 81.0 80 5 80 2 80 0 79 7 79 4 79 9 79.3 79.4 79 2 Drugs and Pharmaceuticals ...do 71.8 74.8 74.8 74.8 74.9 73.6 73.5 73.0 72.7 72.2 71.9 71.9 71.9 Fertilizer materials do.. _ 67.5 66.9 67.3 67.2 67.5 67.7 68.6 70.2 69. 3 69.7 69.6 69.7 69.5 Fuel and lighting materials do 72.8 76.8 76.8 76.6 75,4 73.7 73.2 72.8 73.0 73.1 73.4 73.9 73.0 Electricity do 84.7 81.6 81.8 81.8 81.8 82.7 82.9 82.8 80.3 Gas do 91.0 88.1 88.7 87.1 84 6 81 6 82 2 81 8 82 2 84.1 86.0 88.9 Petroleum products do 52.2 56.8 56.7 56.4 53.8 51.5 50. 9 50.4 50.7 50.9 51.9 52.5 52.5 Hides and leather products do 92.5 91.5 91.9 92.0 93.4 94.6 93.1 93.1 91.9 91.8 90.9 91.6 92.3 Shoes ___do__ _ 100.8 101.2 100.8 100.8 100.3 100.4 100.6 101.2 101.1 101.2 101.2 101.3 101.3 Hides and skins...... do __. 76.9 70.8 75.6 75.7 82.1 85.5 78.8 78.4 72.8 73.8 68.3 72.1 75.3 Leather do 84.1 82.5 82.1 82.4 84.6 86.9 85.9 85.0 84.2 82.7 82.8 83.1 83.8 House-furnishing goods. . _ ___do 85.6 86.4 86.4 86.2 85.7 85.8 86.0 85.4 85.2 85.2 85.4 85.5 85.6 Furniture do 81.0 82.2 82.2 82.1 82.1 81.9 81.6 80 5 80.5 80.5 81.0 81.0 81.0 Furnishings ..do. _ 90.0 90.5 90.5 90.2 89.3 89.7 90.3 90.1 89.8 89.7 89.6 89.8 90.0 Metals and metal products _do 93.2 95.2 95.4 95.5 95.3 94.9 94.6 94.4 94.3 94.3 94.0 93.5 93.2 Iron and steel do 95.1 97.2 97.3 97.3 96.9 96. 9 96.8 96.4 96.1 96.1 96.1 95.7 95.2 Metals nonferrous ...do 73.3 71.8 72.9 73.5 76.2 77. 6 76.8 76.7 76.5 76.6 74.7 73.1 72.9 Plumbing and heating equipment 1926=100.. 79.3 79.5 79.2 78.5 78.5 78.7 78.7 78.7 79.2 79.3 79.3 79.3 79.3 Textile products do 67.6 66.1 65.9 65.8 66.2 66.2 65.8 65.9 66.1 66.6 66.9 67.5 67.3 Clothing __ do 81.2 81.7 81.7 81.6 81.6 81.6 81.6 81.5 81.5 81.5 81.6 81.7 81.7 Cotton goods. __ __ do 65.1 65.1 64.4 64.1 64.6 65.1 64.6 64.3 63.7 63.7 63.4 63.3 64.1 Hosiery and underwear do 60.2 59.8 59.8 59.9 59. 9 59.9 59.3 59.1 58.8 59.9 60.2 60.2 60.1 Silk and rayon do 40.2 29.9 29.2 29.5 30.9 30.3 30.8 32.1 34.7 36.1 37.8 40.7 39.1 Woolen and worsted goods do 75.4 75.9 76.3 76.3 76.3 76.4 74.8 74.5 74.7 75.1 75.2 75.4 75.6 Miscellaneous do 73.4 72.7 72.4 72.4 72.6 73.0 73.1 73.2 73.5 74.1 74.4 74.2 73.8 Automobile tires and tubes do 60.5 57.4 57.4 57.4 57.4 58.8 58.8 58.8 59.7 60.5 60.5 60.5 60.5 Paper and pulp do 79.9 82.8 82.4 81.9 81.7 81.5 80.9 81.0 81.1 81.3 81.1 80.4 79.9 World prices, foodstuffs, and raw materials: Combined indexf 1923-25=100.. 39.6 41.2 39.1 38.3 37.8 37.5 36.5 37.2 37.8 37.3 38.4 41.3 41.0 Cotton do 35.7 32.7 30.9 29.8 31.6 33.5 32.0 32.7 33.1 33.1 32.4 35.3 36.4 Eubber » do 38.7 36.0 37.7 37.8 39.6 38.0 37.6 36.9 37.3 38.1 37.2 37.6 38.3 Silk __ do 37.0 25.3 24.3 25.2 25.9 25.2 25.3 26.5 29.5 31.0 33.4 37.6 35.4 Sugarf . do 37.7 28.2 28.1 28.9 26.8 28.8 30.4 31 3 30.9 31.9 35.2 40.5 37.4 Tea do 67.5 70.5 76.3 78.4 72.9 66.0 67.2 66.7 67.0 66.6 69.6 68.9 68.8 Tin do 96.5 86.3 86.1 86.3 90.0 92.0 91.9 92 3 90.8 91.9 93.9 95.7 97.2 Wheat .... do 34.3 62.4 53.9 50.2 46.7 42.3 38.1 39.3 41.1 36.8 38.5 40.4 40.8 Wholesale prices, actual. (See under respective commodities.) PURCHASING POWER OF THE DOLLAR Wholesale prices 1923-25=100.. 133. 5 127.8 128.9 128.6 129.8 129.9 130.8 130.9 130.9 131.3 132.1 132.1 '133.2 Retail food prices. .. do . 130.7 125.0 127.6 127.1 128.0 128.5 127.2 129.0 130.2 130.9 130.5 130.7 131.1 Prices received by farmers do___^ 165.3 154.8 159.7 154.8 154. 8 156. 5 153.1 156. 5 159.7 161.6 165. 3 163.4 165.3 Cost of living _ __ .„ _ do 119.8 117.5 118.3 118.3 118.5 118.8 118.5 119.0 119.5 119. 8 119.6 119.9 120.0

CONSTRUCTION AND REAL ESTATE

CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED Value of contracts awarded (F. R. indexes): Total, unadjusted 1923-25=100.. P73 65 69 79 78 85 77 70 63 69 76 75 ••73 Residential, unadjusted do »62 49 52 56 56 54 48 45 51 58 68 65 '64 Total, adjusted do *67 59 66 78 82 96 96 86 73 69 67 63 63 Residential, adjusted do P61 49 53 56 57 56 57 55 58 55 58 55 58 F. W. Dodge Corporation (37 States):f Total projects number.. 21, 806 17, 648 18, 770 16,926 19, 664 17, 772 16,027 13, 281 13,015 20, 233 22, 282 23,244 21,701 Total valuation thous. of doL. 299, 883 239, 799 313,141 300.900 357, 698 301, 079 389, 439 251, 073 220,197 300, 661 330.030 308,487 288,316 Public ownership do 136, 543 97, 838 171.099 100,125 203, 359 178,948 279, 403 147,916 110.975 127, 770 159, 056 134,757 127,595 Private ownership do 163,340 141, 961 142.042 140,775 154, 339 122, 731 110, 036 103, 757 109, 220 172, 885 170, 374 173,730 160,721 Nonresidential buildings: Projects number.. 3,823 3,188 3, 416 3, 363 3, 594 3, 585 3,495 2, 456 2, 348 3. 592 3,400 3,457 4,052 Floor area^. thous. of sq. ft_. 17, 691 11, 579 14, 744 15, 599 23, 223 21, 515 25, 503 14, 351 12, 783 17, 944 16,563 12, 700 15,418 Valuation '. thous. of doL_ 88, 501 72, 503 87, 316 91, 997 131, 020 116, 008 139, 513 84, 999 69, 544 97, 785 94, 656 76, 749 92,845 Residential buildings, a^l types: Projects number... 16, 287 12, 757 13,488 11, 600 13, 007 12,515 10,413 9, 750 9, 669 15, 438 17,387 18,262 15,942 Floor area thous. of sq. ft.. 27,181 21, 579 23,574 21,781 27,177 23, 405 22, 7-0 19, 981 19,176 30,725 28, 3S2 32, 602 27, 502 Valuation thous. of doL. 109,330 87, 978 99, 732 99, 574 112, 673 95, 253 91,539 80,103 79,020 125, 225 114, 405 133,818 111,896 Public utilities: Projects number.. 254 151 274 288 335 330 500 258 273 250 323 251 234 Valuation thous. of doL. 23,092 13, 431 37, 980 26,167 21,176 19, 726 44, 312 29, 509 18,518 19, 640 35,336 21,779 Public works: Projects number._ 1.442 1, 552 1, 592 1, 675 1, 828 1,342 1, 619 817 725 944 1,172 1,274 1,473 Valuation thous. of doL. 78,960 65, 827 88,113 83,162 92, 829 70, 692 114,075 57,002 53,115 58, 010 85, 633 76,141 73,607 Building permits issued in 1,790 cities:t Total buildings number. _ 64,537 57, 652 65, 492 64.203 09, 015 53, 615 38, 247 38, 902 37, 721 62, 303 02, 775 77,913 71,040 Total estimated cost thous. of dol._ 185, 019 163,186 159, 455 158, 492 164, 244 148,480 147, 791 150, 704 149, 572 177, 903 165,978 204,437 202,429 New residential: Buildings number.. 17, ,«84 14,214 16,106 15, 058 15, 701 14,121 11,059 11, 052 11, 476 18, 035 17, 697 20,961 19,224 Estimated cost thous. of dol._ 96,114 90,722 88.117 85,. 079 78,394 74,053 02, 767 70,708 85, 719 94, 374 87,441 119, 600 99,775 New nonresidential: Buildings number.. 11,214 9,570 11,609 12,003 13,011 10,459 6, 901 6,449 5, 090 10. 490 11, 520 13,711 12,085 Estimated cost thous. of dol._ 59, 794 45, 309 43, 313 47,180 56,810 51, COO 63,115 61, 399 37, 730 52, 886 44, 830 51,162 70,974 Additions, alterations, and repairs: Buildings number... 35, 439 33, 868 37,687 37,142 40,843 29,035 20, 227 20,801 20. 555 33,172 36,558 43, 241 39, 731 Estimated cost thous. of doL. 29, 111 27,155 28,025 26, 233 29. 540 22, 767 21, 909 24, 537 26,123 30,643 33, 706 33, 674 31, 680 r Revised. » Preliminary.

cost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1930 will appear in a subsequent issue of the Survey. 22 SUKVEY OF CURKENT BUSINESS September 1939

CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED-Con. Estimated number of new dwelling units provided in all urban areas :f Total number.- 25,963 25, 818 25. 684 23, 648 22,064 18,355 • 22,097 26,147 28,526 27,011 35,796 29,997 1-family dwellings do 15, 384 17, 262 16)115 16, 857 14, 781 11, 517 ' 13, 240 12, 278 19, 625 19, 405 25,760 21,768 2-family dwellings do 1,056 1,416 1,168 1,290 1,042 796 ' 1,207 r 1, 212 ' 1,385 1.418 1,905 1,417 Multifamily dwellings --do 9,523 7,140 8,401 5,501 6,241 6,042 r 7, 650 r 7, 516 6,188 8,131 6,812 Engineering construction: 12, 657 Contract awards (E. N. R.)1 thous. of doL. 81,469 223, 333 236, 271 289, 725 235, 898 217,023 139, 250 311, 693 285, 566 240, 735 252,992 262, 395 203, 843 HIGHWAY CONSTRUCTION Concrete pavement contract awards: Total thous. sq. yd.. 5, 713 5,194 7,247 5,064 4,671 4, .583 4,270 3,190 1,245 2,143 3,385 4,458 6, 855 Roads do_--. 3,820 3, 511 4, 548 3, 213 2,871 2,001 2,765 2,085 686 860 2,081 2,179 4, 232 Streets and alleyscf do 1,893 1,682 2, 699 1,851 1,800 2,582 1,505 1,105 560 1,283 1, 304 2, 280 2,623 Status of highway and grade crossing projects administered by the U. S. Bureau of Public Roads: Highways: Approved for construction: Mileage no. of miles. 3,701 4,728 4,109 3, 463 3,337 3,122 3,390 3,306 3,177 3,081 3, 081 3, 615 3, 867 Federal funds thous. of dol. 37,802 53,137 48,958 43,373 38, 572 36, 231 37, 677 36,294 35,968 34,969 35, 600 40, 769 41,024 Under construction: Mileage no. of miles. 8, 522 9,278 9,521 9, 418 8,872. 7,968 7, 514 7, 540 7,721 7,855 8.301 8, 463 8, 570 Federal funds thous. of dol. 124,975 134, 900 135,158 133,337 130, 841 120, 453 113,828 113, 466 114,185 115,212 120, 505 122, 758 123, 554 Estimated cost do... 244,860 257,078 260, 494 256, 592 252,852 234, 256 221, 530 218,965 221,046 222, 630 232, 772 238, 637 240, 218 Grade crossings: Approved for construction: Federal funds do _. _ 11,504 12, 836 11,416 12, 561 12,112 13, 930 12, 794 13, 572 13,613 12,906 12,107 10, 224 11,312 Estimated cost do__. 12,414 13, 676 12,136 13, 370 12, 877 15,159 13, 867 14, 587 14, 285 13, 374 12, 529 10, 583 12,191 Under construction: Federal funds do_._ 40, 336 41,031 40, 399 37, 676 35,451 35, 883 35, 023 36,440 37,930 38. 817 40, 654 43,771 42, 299 Estimated cost do_._ 42,052 42,058 41, 298 38, 567 36,387 36,808 36,026 37,932 39, 777 40,747 42,654 45, 723 44,094 CONSTRUCTION COST INDEXES

Aberthaw (industrial building)....1914=100- 189 189 188 187 American Appraisal Co.: Average, 30 cities 1913=100.. 18! 181 181 181 182 182 182 183 183 183 182 182 182 Atlanta do.... 168 168 167 167 167 169 169 169 169 169 168 168 168 New York do 193 191 191 191 192 192 192 192 192 192 193 193 San Francisco ...do 169 164 164 164 166 166 166 167 167 167 169 169 169 St. Louis do— 185 184 184 184 184 184 184 185 185 185 185 185 185 Associated General Contractors (all types) 1913=100. 188 188 188 188 188 188 188 188 188 187 E. H. Boeckh and Associates, Inc.: Apartments, hotels, and office buildings: Brick and concrete: Atlanta U. S. av., 1926-29=100. 94.8 96.4 96.1 96.1 96.2 96.5 96.1 95.3 95.2 95.3 95.3 95.3 95.4 New York do.__ 130.9 128.2 129.8 129.9 129.7 130.1 130.1 130.0 130.1 130.0 130.0 130.6 130. 6 San Francisco do... 116.8 116.0 115.9 116.0 115.9 115.9 116.0 117.6 117.6 117. 117.6 117.0 116.9 St. Louis do... 118.3 118.3 118.5 118.5 118.7 119.1 119.1 119.1 119.1 119.1 119.1 118.6 118.5 Commercial and factory buildings: Brick and concrete: Atlanta do___ 97.2 98.5 98.2 98.2 98.2 98.4 98.0 97.4 97.5 97.4 97.4 97.6 97.6 New York do_._ 133.8 130.3 132.7 132.7 132.4 132.8 132. 8 132.6 132.7 132.7 132.7 133.4 133. 4 San Francisco do... 121.2 120.9 120. 121.0 120.9 120.9 121.0 122.3 122.3 122.3 122.3 121.4 121.3 St. Louis do... 119. C 119.6 119.8 119.8 119.8 120.1 120.1 120.1 120.1 120.1 120.1 119.7 119.7 Brick and steel: Atlanta _ do... 93.3 97.8 96.7 96.7 96.8 96.5 96.2 96.0 96.2 96.0 96.0 95 6 95. 7 New York do... 130.2 128.1 128.9 129.0 128.9 129. 3 129.3 129. 129. 129.4 129. 129. 8 129. 9 San Francisco. do... 114.4 116.2 115.6 116. 2 115.6 115.6 116.2 117. 117. 117. 117. 115.3 114.7 St. Louis do... 118.2 119.4 119.8 119.8 120.1 120.5 120.5 120.4 120.4 120.6 120. 6 118.5 118.5 Residences: Brick: Atlanta do... 86.5 85.3 85.6 85.6 86.0 87. 86.3 85.0 85.7 85.0 85.0 86.1 86.8 New York do... 123. 6 121.1 122.3 122.8 122.6 122.4 122.4 122. 5 122.2 122.2 122.5 123.1 123.1 San Francisco... do... 104.7 105. 4 105.4 105.4 105.4 105. 105.4 106. 6 106.6 106.6 106. 6 1.04. 7 104. 7 St. Louis do... 108. 9 107.4 108.8 108.8 109.9 111. C 111.0 110.7 110.7 110.3 110.3 1-10. 3 110.0 Frame: Atlanta do... 83.3 82.2 82.3 82.3 82.8 84.6 83.1 81.6 82.5 81.6 81.6 82.8 83. 7 New York do... 122 119.3 120. 0 120. 5 120.4 121.2 121. 121. 3 121.1 121.0 121. 121.9 121.9 San Francisco... do... 98.7 97.5 97.5 97.5 97.5 97.5 97.5 98.7 98.7 98. 98.7 98.7 98.7 St. Louis do... 105. 103.3 105.1 105.1 106. 5 108.1 108.1 107.7 107.7 107.2 107.2 107.2 106.8 Engineering News Record (all types) § 1913=100 234. S 232.3 232.4 232.7 234.3 234.4 234.9 234. 234.3 234.4 234. S 234.7 235.0 Federal Home Loan Bank Board:* Standard 6-room frame house: Combined index 1930=100. 105.3 106.8 106.4 106. 4 106.2 106. 106.1 106.0 106.0 106. 105. 105.6 105.4 Materials do... 102.4 104.2 103.4 103.4 103.3 103. 103.1 103.0 103.0 103.0 102. 102. 102.5 Labor do... 111. 112.0 112.3 112.4 112.1 112. 112.1 111. 112.2 112.4 111. 111.5 111.3 REAL ESTATE Federal Housing Administration, home mortgage insurance: Gross mortgages accepted for insurance thous. of dol. 52, 60S 60,41 67,878 68, 344 64, 627 58, 250 51,058 42, 2 41,224 63,486 64, 89! 73, 701 82,322 Premium-paying mortgages (cumulative) thous. of dol l,658,30(: 1,038,627 1,082,454 1,131,404 1,189,823 1,244,141 1,300,446 1,355,829 1,400,212 1,450,57. 1,496,79' 1,546,237 1,607,147 r Revised. §Index as of August 1, 1939, is 234.9. *New series. For data beginning 1936, see table 30, p. 17 of the June 1939 Survey. tMonthly data for the period January 1937 through June 1938 are in process of'revision and will be shown when available. Revisions in data for January 1937 to Sep- tember 1937 are minor; revisions in figures for the period October 1937 to June 1938, available at the present time on a quarterly basis only, are as follows: Fourth quarter, 1937—total, 39,518; 1-family, 26,928; 2-family, 2,520; multifamily, 10,070; first quarter, 1938—total, 42,352; 1-family, 28,585; 2-family, 3,142; multifamily, 10,625; second quarter, 1938—total, 61,869; 1-family, 45,865; 2-family, 3,965; multifamily, 12,039. cfData for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938. IData for September and December 1938 and March and June 1939 are for 5 weeks; other months, 4 weeks. September 1939 SUEVEY OF CURRENT BUSINESS 23

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Novem- Decem- July July October Janu- Febru- March April May June 1938 Supplement to the Survey August tember ber ber ary ary CONSTRUCTION AND REAL. ESTATE—Continued

REAL ESTATE-Continued Estimated new mortgage loans by all savings and loan associations:! Total loans thous. of doL. 85,172 67,639 74, 709 71,647 72,931 64,070 63,934 55, 567 58,309 73,378 83,425 89,123 94,154 Loans classified according to purpose: Mortgage loans on homes: Construction do 26,865 19, 096 22, 575 21, 018 22,099 18,627 19,152 16, 099 16, 027 21, 254 23, 727 26, 646 29,919 Home purchase do 29, 638 21, 924 23, 833 25, 698 24, 677 21, 205 20, 826 17, 503 19,118 24, 705 29, 903 31,289 32, 228 Refinancing do 15, 353 13,194 14, 701 12,416 12, 913 12,182 12, 805 11, 749 12, 551 14,871 15, 384 15,687 17,123 Reconditioning do 5,133 5,397 5,528 4,791 5,727 4,821 4,025 3,389 3,593 4,211 4,974 6,069 5,802 Loans for all other purposes do 8,183 8,028 8,072 7,724 7,515 7,235 7,126 6,827 7,020 8,337 9,437 9,432 9,082 Loans classified according to type of association: Federal thous. of dol.. 34,055 23,823 26, 858 25, 650 26, 534 24, 220 25, 019 20,894 22, 298 29,811 33, 400 36,358 39,094 State members do 34,146 28, 973 29, 506 29, 255 30, 546 26,115 26,504 23, 071 24,191 30,124 32, 562 35,426 36,465 Nonmembers do 16,971 14, 843 18, 345 16, 742 15,851 13, 735 12,411 11,602 11, 820 13, 443 17,463 17,339 18, 595 Loans outstanding of agencies under the Federal Home Loan Bank Board: Federal Savings and Loan Associations, estimated total mortgages outstanding thous. of doL- 1,157,536 961, 300 976, 074 994, 218 1,011,087 1,020,873 1,034,162 1,040,770 1,051,109 1,067,887 1,089,879 1,117,228 1,136,289 Federal Home Loan Banks, outstanding ad- vances to member institutions thous. of doL_ 161, 537 191,889 189,415 189, 548 189,217 189, 685 198,840 178,852 170,614 161,614 157,176 157,911 168,962 Home Owners' Loan Corporation, balance of loans outstanding thous. of doL. 2,067,844 2,248,982 2,234,899 2,221,417 2,203,896 2,186,170 2,168,920 2,149,038 2,134,261 2,117,598 2,105,824 2,091,324 2,080,512 Foreclosures: Nonfarm real estate 1926=100. _ 158 161 169 169 153 165 159 154 154 173 164 186 168 Metropolitan communities do 152 153 161 157 142 155 151 145 138 157 141 165 161 Fire losses thous. of dol__ 22, 468 20,435 20, 821 23, 373 24, 798 28, 659 32, 758 27, 615 29, 304 30, 682 27, 062 27,032 24,191

DOMESTIC TRADE

ADVERTISING Printers' Ink indexes (with adjustment for seasonal variations): Combined index .1928-32=100.. 77.4 80.3 82.1 78.4 83.6 88.0 76.4 79.5 84.4 82.2 84.4 85.5 Farm papers do 61.8 55.8 79.3 58.8 64.7 65.7 70.3 57.6 59.9 56.4 66.2 69. u 65.0 Magazines do 80.0 74.7 74.5 73.5 73.6 82.0 78.8 72.6 78.4 80.4 80.6 80.3 82.0 Newspapers do 74.0 72.5 75.2 78.9 73.8 79.9 86.0 71.5 74.2 79.8 76.0 78.0 79.8 Outdoor do 74.7 77.0 76.9 77.7 65.9 71.0 72.2 73.8 82.0 89.0 90.5 76.6 Radio _do___. 261.0 274.7 260.0 242.3 257.6 261.7 273.6 265.6 262.7 253. 3 290.8 329.7 Radio advertising: Cost of facilities, total thous. of doL, 5,812 4,493 4,530 4,781 6,509 6,713 6,754 7,023 6,567 7,404 6,678 7,034 6,471 Automobiles and accessories- do— 496 374 352 447 626 600 626 647 617 747 657 745 640 Clothing _do 32 33 37 30 18 18 10 25 33 50 25 66 37 Electric household equipment do— 0 10 0 0 0 0 0 0 0 0 0 0 0 Financial do 97 22 27 21 19 26 21 41 53 64 54 74 129 Foods, food beverages, confections do 1,668 1,434 1,380 1,543 2,103 2,157 2,301 2,318 2,194 2,501 2,241 2,277 2,101 House furnishings, etc do— 23 0 0 0 48 39 39 49 39 38 39 65 18 Soap, cleansers, etc do 771 580 624 611 626 674 653 714 691 818 746 857 792 Office furnishings, supplies do 0 0 0 0 0 0 0 0 0 0 0 0 0 Smoking materials do 1,000 616 672 655 853 861 853 836 796 885 870 921 887 Toilet goods, medical supplies do 1,583 1,236 1,242 1,308 1,851 1,990 1,977 2,045 1,859 2,020 1,781 1,844 1,718 All other do 141 188 195 166 365 349 273 348 285 281 264 186 148 Magazine advertising: Cost, total do.._. 10,131 8,411 7,380 9,846 13, 668 13,412 11, 529 8,023 11, 536 14, 243 16, 818 15,715 13,279 Automobiles and accessories do 1,635 1,268 888 769 1,630 2,142 1,295 1,186 1,475 2,153 2,997 2,854 2,216 Clothing do.... 246 257 341 822 1,022 689 531 272 495 829 1,020 921 715 Electric household equipment do 170 98 19 136 342 312 470 67 195 395 808 757 603 Financial do 337 311 266 341 444 426 299 320 376 431 508 435 486 Foods, food beverages, confections do 2,072 1,654 1,353 1,516 2,073 2,143 1,931 1,457 2,099 2,255 2,180 2,013 1,893 House furnishings, etc do 266 217 130 599 862 679 509 194 377 636 1,025 1,035 759 Soap, cleansers, etc do 311 284 275 355 398 363 234 211 500 421 468 471 454 Office furnishings, supplies do 64 41 116 228 223 225 266 122 148 220 203 233 100 Smoking materials do 622 651 705 734 889 829 755 654 591 748 684 692 636 Toilet goods, medical supplies do 1,901 1,540 1,344 1,642 2,261 2,210 1,815 1,266 2.183 2,537 2,508 2,249 2,187 All other do 2,507 2,090 1,943 2,703 3,524 3,394 3,424 2,274 3,096 3,617 4,419 4,056 3,231 Lineage, total thous. of lines. 1,625 1,602 1,472 2,112 2,318 2,251 1,658 1,929 2,294 2,591 2,715 2,356 1,796 Newspaper advertising: Lineage, total (52 cities) do 85,407 83, 653 86,102 103, 869 113, 558 113,457 118,096 87,418 86, 651 111,815 111,160 112,377 105,086 Classified do 20, 570 20, 301 20, 808 21, 376 22,411 20,233 20,372 19, 556 18,318 22,147 22, 824 22, 692 21,785 Display, total do 64, 838 63,352 65, 293 82,493 91,147 93,314 97, 723 67,861 68,333 89, 668 88, 335 89, 685 83,301 Automotive do 3,496 3,031 2,623 2,366 4,932 6,608 3,581 2,446 3, 458 4,768 6,055 6,075 5,345 Financial do 2,120 1,869 1,201 1,209 1,732 1,449 1,574 2,301 1,403 1, 695 2,105 1,615 1,663 General do 13,999 13,028 12,175 15,888 18,411 18,749 14.028 12,771 14,024 17,414 17, 655 18,538 17,408 Retail do... 45, 222 45. 424 49, 295 63,031 66,073 66, 509 78, 540 50,343 49,448 65,792 62, 520 63,456 58,886 GOODS IN WAREHOUSES

Space occupied, merchandise in public warehouses percent of total.. 68.2 •9.3 69.9 70.9 60.5 70.8 70.4 70.4 70.2 '70.4 NEW INCORPORATIONS

Business incorporations (4 States) number._ 1,724 1,774 1,818 1, 614 1,723 1,793 1,943 2,210 1,821 2,226 1,874 2,190 POSTAL BUSINESS Air mail: Pound-mile performance millions 1,199 1, 273 1,235 1,299 1,252 1,431 1,244 1,221 1,447 1,356 1, 435 Money orders: Domestic, issued (50 cities): Number thousands.. 3,907 3,720 3,842 3, 775 4,170 4,067 4.654 4,234 4,140 4.171 4,248 4,170 Value thous. of doL. 36,858 35, 862 37, 238 36,651 39, 485 37,996 42,202 39,227 36,900 41,891 38,119 39, 229 38,165 r Revised. tReviscd series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey. 24 SUEVEY OF CURRENT BUSINESS September 1939

DOMESTIC TRADE—Continued

POSTAL BUSINESS—Continued Money orders—Continued. Domestic, paid (50 cities): Number thousands.. 12,142 11, 975 12, 543 12,846 13,989 14, 028 15, 793 12,939 12, 371 15, 307 13,164 13,724 13,918 Value thous. of doL. 91,709 92, 785 98,006 99,470 107,933 106,097 113, 841 94,176 88, 734 109,980 95,899 99,757 101,345 Foreign, issued—value. do 2,151 2,097 2,606 1,985 2,280 7,717 2,142 2,027 3,170 2,079 2,066 Receipts, postal: 50 selected cities .. do 25,464 24, 602 26, 609 29, 517 30,850 31,426 42,470 28, 537 27, 710 33,478 29, 830 30,922 20,791 50 industrial cities do 3,271 ' 3, 304 3,446 3,472 3,728 3,568 5,154 3,667 3,493 3,979 3,618 3,687 3,687 RETAIL TRADE* Automobiles: Value of new passenger automobile sales: Unadjusted _ 1929-31—100 87.7 61.4 49.2 37.1 55.1 99.1 96.1 70.8 71.2 ' 106. 7 ' 106. 3 107.1 ' 101.2 Adjusted do 81.0 56.5 54.5 60 0 85.0 100.0 92.5 91.0 96.0 '88.0 79.5 79.0 '79.0 Chain-store sales: Chain-Store Age Index: Combined index (20 chains) av. same month 1929-31 = 100.- 112.0 ' 108.0 106.0 109.4 108.0 109.5 112.9 107.5 108.8 109.8 110.0 110.0 111.0 Apparel chains do 129. 0 120.0 116.0 122.0 120.0 121.2 127.0 118.0 112.7 130.0 117.6 119.0 118.0 Grocery chain-store sales: Unadjusted 1929-31 = 100.. 97.7 89.2 88.5 93.0 94.9 96.7 101.1 93.5 98.7 100.5 102.0 102.9 ' 100.8 Adjusted... do 99.6 91.0 92.2 94.9 94.4 96.7 98.1 96.4 98.2 99.5 99.0 101.4 '99.3 Variety-store sales: Combined sales of 7 chains: Unadjusted. _ do 90.5 88.0 85.2 94.1 98.2 102.2 193.6 73.6 79.7 85.0 97.6 '96.3 '95.8 Adjusted do 101.7 98 9 96.3 98 5 96 7 100.2 104.9 98.7 95.5 98.8 97.1 96.3 100.8 H. L. Green Co., Inc.: Sales . thous. of dol 2,502 2,366 2,315 2,513 2,833 2,819 5,952 1,998 1,959 2,442 2,869 2,733 2,712 Stores operated number 132 133 133 132 132 133 133 133 132 133 133 133 132 S. S. Kresge Co.: Sales thous. of doL. 10, 369 10,004 10,179 11,125 12, 353 11,972 24,114 8,801 9,058 10, 606 11,940 11,401 11,293 Stores operated number 685 681 682 685 685 686 687 680 681 683 683 682 683 S. H. Kress & Co.: Sales thous. of doL. 6,225 5,822 6,336 6,179 6,827 6,613 14,429 5,055 5,163 5,969 6,315 6,818 6,406 Stores operated number._ 240 239 238 238 238 238 238 238 238 238 239 239 239 McCrory Stores Corp.: Sales. . thous. of dol 3,158 2,946 2,960 2,955 3,294 3,186 7,003 2,535 2,738 3,196 3,648 3,300 3,420 Stores operated number 201 '200 200 200 200 200 200 202 202 202 202 202 202 G. C. Murphy Co.: Sales thous. of doL. 3,564 3,301 3,087 3,308 3,811 3,594 7,223 2,686 2,752 3,205 3,848 3,741 3,758 Stores operated... number 201 201 201 201 201 201 201 201 201 201 201 201 201 F. W. Woolworth Co.: Sales thous. of dol.. 24,340 22, 733 22, 566 23,491 26, 774 25,295 50,379 19,653 20,686 23,104 25,919 24,725 24,662 Stores operated number 2,015 2,010 2,011 2,013 2,017 2,018 2,017 2,014 2,011 2,012 2,008 2,005 2,013 Restaurant chains (3 chains): 1 Sales thous. of dol__ 0) 3,017 3,193 3,269 3,460 3,275 (*) C ) 0) (*) 0) 0) Stores operated _. number 343 338 340 337 336 0) C1) 0) C1) Other chains: 8 0) 0) W. T. Grant & Co.: Sales thous. of dol.. 7,298 '6,969 6,834 7,653 8,970 8,635 17,996 5,531 5,748 7,164 8,376 8,496 8,386 Stores operated number 493 484 484 484 487 489 491 489 489 489 489 491 493 J. C. Penney Co.: Sales thous. of dol 19, 502 ' 18, 262 19,068 22, 381 26, 820 27,196 38,928 16, 523 14,613 18, 736 21,281 22,233 22, 235 Stores operated ... __ number 1,544 1,530 1,533 1,537 1,538 1,539 1,539 1,539 1,540 1,542 1,544 1,545 1,543 Department stores: Collections: Installment accounts percent of accounts receivable _ _ 14.9 15.9 15.8 17.0 17.0 17.2 16.4 16.2 18.6 17.2 17.3 16.7 Open accounts do 43 5 42.4 42.0 46.6 47.1 46.4 47.1 43.9 46.6 45.3 46.9 46.8 Sales, total U. S., unadjusted...1923-25 = 100-. 60 58 65 91 92 99 156 69 69 82 88 87 83 Atlanta do 88 79 100 120 126 126 203 91 101 116 119 118 108 Boston _ do 49 46 55 73 86 86 138 64 54 68 75 75 76 Chicago do 61 ' 59 72 96 91 96 157 69 67 92 89 89 89 Cleveland ______do 63 59 65 89 87 93 152 67 71 82 92 89 82 Dallas do 72 83 117 113 118 182 87 89 99 104 105 90 Kansas City 1925=100 61 61 74 88 92 89 151 67 64 87 82 86 74 Minneapolis 1929-31—100 69 68 81 107 109 96 147 75 63 97 97 94 95 New York . 1923-25 = 100 63 62 64 94 98 106 164 68 71 80 86 85 87 Philadelphia do 46 r 44 48 67 75 82 127 49 52 65 67 70 65 Richmond. _ do 73 72 81 110 127 118 209 77 75 105 102 115 '105 St. Louis do 58 63 93 92 95 143 69 68 82 89 86 75 San Franciscof.. ._ __ . do 81 '78 92 89 97 108 170 81 83 89 95 '92 88 Sales, total U. S.f adjusted.. do 86 83 83 86 84 89 89 88 87 88 88 85 86 Atlanta . do 126 113 128 127 106 111 119 115 115 125 115 116 119 Chicago do 86 83 87 93 82 88 94 86 84 98 86 88 91 Cleveland do 83 78 78 86 82 88 93 88 87 92 84 84 85 Dallas _ do 103 108 105 100 105 105 114 105 105 104 105 101 Minneapolis 1929-31 —100 97 '95 93 98 92 96 97 91 86 96 95 94 95 New York 1923-25 = J00__ 89 88 86 90 85 89 92 86 86 91 89 88 90 Philadelphia __ do 67 65 62 68 65 68 70 68 68 70 68 71 66 St. Louis _. do 85 83 87 81 82 87 87 79 88 86 86 82 San Franciscof do 98 95 97 86 93 103 100 99 99 99 98 '97 97 Installment sales, New England dept. stores percent of total sales.. 9.4 14.7 11.5 11.1 10.3 7.1 11.6 11.8 10.2 8.5 9.0 7.7 Stocks, total U. S., end of month: Unadjusted 1923-25=100.. *>60 61 65 70 74 78 62 60 65 69 69 68 64 Adjusted do 67 67 67 67 67 66 67 68 68 67 66 67 Mail-order and store sales: Total sales, 2 companies thous. of dol.. 65, 392 72, 783 87, 722 100, 012 93, 510 125,706 58, 320 59,865 85, 497 92,831 101,936 98,070 Montgomery Ward & Co __ do 33,452" 29, 075 32, 849 38, 556 46, 667 42, 295 57,085 24, 769 24, 964 35, 730 41, 595 42,323 41,302 Sears, Roebuck & Co.. do . 36, 316 39, 934 49,167 53, 345 51, 215 68, 622 33, 551 34, 901 49, 768 51,236 59,613 56, 768 ' Revised. *• Preliminary. 1 Discontinued pending receipt of revised data from one cooperator. • Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C,office of the Bureau of Foreign and Domestic Commerce. The Bureau of the Census has available percentage changes for (1) Independent stores in 27 States and 4 cities, by kinds of business, (2) Whole* salers' sales, by kinds of business, (3) Manufacturers' sales, by kinds of business. tRevised series. Indexes of department store sales in San Francisco area revised beginning 1919; data not shown on p. 24 of the August 1939 Survey will appear in a Subsequent issue. September 1939 SURVEY OF CURRENT BUSINESS 25

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Novem- Decem- Janu- Febru- 1938 Supplement to the Survey July July August tember October ber ber ary ary March April May June DOMESTIC) TKADE—Continued RETAIL TRADE—Continued Rural sales of general merchandise: Total U. S., unadjusted 1929-31=100.. 91.1 84.8 98.2 121.1 140.9 147.2 183.6 91.3 100.1 115.0 120.2 120.5 120.0 Middle West do.... 81.8 77.7 90.0 107.9 123.3 135.7 166.4 84.1 89.1 105.2 110.2 113.3 109.9 East do 88.3 82.2 95.0 117.6 139.8 144.1 195.9 87.8 97.9 118.6 116.6 118.8 122.8 South do 103.8 92.9 104.1 148.9 189.3 177.8 202.8 111.3 134.8 141.5 144.8 137.6 133.3 Far West do 115.2 105.8 125.7 141.6 153.4 161.5 211.0 100.2 105.7 118.5 125.8 131.8 137.3 Total U. S., adjusted! do 124.8 116.2 120.1 114.6 108.5 113.1 114.8 120.0 123.7 131.0 130.8 131.2 131.7 Middle Westf do__ 110.9 105.3 109.1 105.3 97.1 103.5 106.7 109.9 112.1 118.7 118.0 119.6 116.4 Eastt do 124.1 115.5 119.2 119.6 108.6 111.8 117.6 115.6 119.6 132.0 122.4 129.1 133.8 Southf do.. 152.8 136.8 144.3 134.9 127.7 129.5 135.0 140.7 147.8 156.6 164.3 162.2 165.8 Fer Westt do 140.5 129.0 136.4 121.0 127.7 133.1 129.3 136.4 142.9 144.0 140.9 146.6 144.1 EMPLOYMENT CONDITIONS AND WAGES EMPLOYMENT Factory, unadjusted (U. S. Department of Labor)t 1923-25=100.. 90.5 81.9 85.7 88.8 89.5 90.5 91.2 89.5 90.7 91.4 r 91.1 90.1 '90.6 Durable goods do.... 82.1 70.3 71.7 75.3 79.0 82.1 83.1 81.6 82.6 83.5 84.1 83.3 '83.9 Tron and steel and their products, not incl. machinery 1923-25=100.. 86.8 76.7 79.4 81.7 83.9 86.5 87.4 85.9 87.2 88.3 88.3 87.3 '87.5 Blast furnaces, steel works, and rolling mills 1923-25=100.. 92.0 82.2 83.8 84.7 86.1 89.8 91.1 90.9 91.5 92.2 92.3 91.3 92.3 Hardware do 66.9 56.5 60.6 66.9 79.5 84.4 86.3 84.7 83.2 83.0 80.7 76.1 '68.5 Structural and ornamental metalwork 1923-25=100.. 69.3 59.1 59.8 60.5 61.1 60.7 61.9 61.7 64.0 66.2 66.9 67.2 '67.8 Tin cans and other tinware do._._ 96.0 91.4 99.5 97.6 86.2 84.6 84.1 82.8 83.7 85.5 88.2 89.1 '93.0 Lumber and allied products do 67.3 60.7 64.0 65.8 65.7 65.2 64.1 61.9 62.6 62.6 64.3 65.3 '66 8 Furniture do.... 80.0 71.2 76.0 79.0 79.7 79.5 79.8 76.3 78.8 78.9 77.9 77.0 78.7 Lumber, sawmills do___. 54.7 49.8 52.4 53.5 53.1 52.3 50.9 49.1 49.1 49.1 51.8 53.7 54.4 Machinery, not incl. transportation equipment 1923-25=100.. 95.6 82.9 84.1 85.5 87.2 89.5 91.8 91.4 93.4 94.7 95.1 94.9 95.6 Agricultural implements (including tractors) 1923-25=100.. 108.1 100.6 99.8 90.3 93.7 96.6 105.5 111.4 121.5 124.8 123.8 117.5 '113.6 Electrical machinery, apparatus, and supplies 1923-25=100.. 86.0 73.0 74.0 77.4 80.7 83.2 83.9 82.1 83.6 85.2 86.1 85.9 '85.8 Engines, turbines, water wheels, and windmills 1923-25=100.. 96.6 82.1 82.6 83.1 83.4 83.5 85.3 87.1 90.6 93.8 96.3 98.0 '99.6 Foundry and machine-shop products 1923-25=100.. 85.1 75.8 77.1 77.7 77.5 78.9 81.7 81.8 83.4 84.1 84.5 84.6 85.1 Radios and phonographs do 117.0 81.6 88.9 93.5 108.0 118.8 118.0 108.4 102.5 98.9 94.6 96.4 '108 5 Metals, nonferrous, and products do 91.6 79.1 83.0 87.9 92.2 95.4 95.0 92.2 93.6 94.3 93.5 92.4 '91.6 Brass, bronze, and copper products-do 98.0 86.1 89.0 92.7 96.4 100.5 100.2 98.3 98.8 99.2 98.4 99.1 '98 7 Stone, clay, and glass products do 73.6 64.6 66.3 67.8 70.1 71.6 70.5 66.4 66.6 69.6 72.7 72.5 '74.4 Brick, tile, and terra cotta do 57.3 48.8 49.9 51.2 52.0 52.4 51.3 48.9 48.1 49.7 53.6 53.6 '57 1 Glass do 90.0 74.7 78.7 82.1 87.5 92.1 93.0 89.6 89.5 90.6 91.9 91.5 '93.0 Transportation equipment do 78.4 55.5 51.0 63.7 79.4 91.6 96.1 95.8 95.9 95.7 95.2 90.3 '89.9 Automobiles do 75.6 53.1 48.0 64.9 86.3 101.9 106.8 106.1 104.4 103.8 101.8 93.3 '91.6 Nondurable goods do 98.5 92.9 99.0 101.7 99.4 98.4 98.8 97.1 98.4 98.9 '97.8 96.7 '97.0 Chemicals and petroleum refining do 109.6 105.0 108.1 113.0 113.4 113.0 112.7 112.0 112.1 114.5 '114.8 '111.5 '109.2 Chemicals do 115.0 107.8 110.3 112.5 114.8 117.2 116.9 115.5 116.1 116.5 '115.0 114.5 '114.5 Paints and varnishes do 117.1 110.8 110.6 112.5 112.9 112.4 112.4 111.8 112.5 114.9 117.6 118.4 119.3 Petroleum refining do.... 120.9 121.8 121.9 121.0 119.5 118.9 118.1 117.1 116.4 116.3 116 1 117.0 '119.4 Rayon and allied products do 313.7 270.5 293.9 315.2 314.4 312.8 311.3 313.2 319.1 316.9 315.4 308.5 '303.6 Food and kindred products do 129.5 128.6 138.3 142.7 128.8 123.4 120.1 113.7 111.0 112.0 114.0 116.8 '122.8 Baking do 147.0 145.0 144.5 145.6 144.3 144.6 143.5 140.3 141.5 142 1 142.0 145.4 '146.7 Slaughtering and meat packing do 99.0 94.7 94.2 95.5 97.4 100.7 102.4 99.8 94.6 92.5 91.8 95.4 «• 97.8 Leather and its manufactures do 93.2 89.3 92.7 92.3 89.6 84.8 88.6 92.9 96.7 97.6 94.0 87.0 '88.1 Boots and shoes do 93.5 91.4 94.6 93.8 89.9 83.3 87.6 92.7 97.2 98.5 94.5 86.4 '87.4 Paper and printing do 105.5 101.5 102.7 104.3 105.5 107.0 108.0 105.7 105.9 105.9 105.9 106.0 '104.7 Paper and pulp do 106.2 101.6 102.8 104.0 104.8 105.9 106.3 105.5 106.3 105.9 106.3 106.7 '106.1 Rubber products do 78.7 68.7 72.5 75.9 77.7 82.4 83.6 81.1 81.5 82.8 82.1 81.2 '80.2 Rubber tires and inner tubes do 67.3 60.7 60.6 61.9 63.5 66.1 67.2 67.1 66.1 67.2 67.2 67.2 ' 66.7 Textiles and their products do 94.9 86 6 95.1 97.9 97.5 96.9 98.6 97.5 101.2 101.4 98.6 96.1 '94.9 Fabrics do.... 89.0 80.4 85.1 86.6 87.2 89.5 91.8 90.8 92.1 91.2 88.8 '88.3 '87.8 Wearing apparel do 106.6 98.9 116.3 122.1 119.6 112.0 112.2 111.0 120.1 123.0 119.0 112.2 '109.3 Tobacco manufactures do 64.0 61.5 64.3 66.3 66.3 66.9 65.2 59.2 62.4 59.5 61.7 62.8 63.8 Factory, adjusted (Federal Reserve)t do 91.7 82.9 84.9 86.9 87.5 90.0 91.6 91.7 91.3 91.0 90.8 90.4 '91.4 Durable goods do 82.6 70.7 72.0 75.7 77.9 81.3 83.2 83.6 83.4 83.0 83.2 82.2 '83.2 Iron and steel and their products, not incl. machinery 1923-25 = 100.. 87.6 77.3 79.4 80.9 83.1 86.2 88.1 87.7 87.6 87.7 87.6 86.7 87.4 Blast furnaces, steel works, and rolling mills 1923-25 = 100.. 93 83 84 85 86 90 92 92 91 91 91 91 93 Hardware do 68 57 62 67 79 84 86 85 83 82 80 76 '69 Structural and ornamental metalwork 1923-25=100.. 68 58 58 58 60 60 63 63 67 68 68 68 67 Tin cans and other tinware do 91 86 90 89 84 87 88 89 90 90 91 90 91 Lumber and allied products do 66.7 60.2 61.9 63.2 62.9 64.5 65.3 66.3 65.6 63.7 64.6 65.2 65.9 Furniture do 82 73 75 76 75 76 79 79 80 80 81 80 81 Lumber, sawmills do 53 49 50 51 51 53 53 54 53 50 51 53 53 Machinery, not incl. transportation equipment 1923-25=100.. 96.0 83.3 84.7 85.2 86.8 89.1 91.6 92.1 93.9 94.9 94.9 94.4 95.4 Agricultural implements (including tractors) 1923-25 = 100. 110 103 106 96 99 99 105 109 118 118 116 114 '112 Electrical machinery, apparatus, and supplies 1923-25 = 100,. 86 73 74 77 80 83 84 83 84 85 86 85 86 Engines, turbines, water wheels, and windmills 1923-25 = 100.. 95 81 83 83 86 88 88 93 92 92 92 93 96 Foundry and machine-shop products 1923-25 = 100.. 86 76 77 78 78 79 82 82 83 84 84 84 85 Radios and phonographs do 118 82 82 81 89 106 111 114 116 118 113 110 '111 Metals, nonferrous, and products do 94.9 82.0 84.4 86.7 89.0 92.3 93.5 93.7 94.0 93.9 93.7 93.2 '93.3 Brass, bronze, and copper products.do 99 87 90 93 95 101 100 99 99 98 97 98 99 Stone, clay, and glass products do 72.3 63.4 64.0 65.4 67.8 71.1 72.0 73.6 71.5 71.8 72.2 69.7 '71.6 Brick, tile, and terra cotta _.do 54 46 46 48 49 52 53 57 55 54 54 51 53 Glass do 92 76 79 82 87 92 93 94 90 89 91 90 92 Transportation equipment do 80.3 56.9 55.9 74.2 81.5 89.9 93.9 93.3 92.0 90.4 90.3 86.3 '88.0 Automobiles ..do 78 55 55 79 89 99 104 102 98 97 96 89 '89 ' Revised. tRevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning January 1934; see table 37, p. 17 of the August 1939 issue. Data on factory employment, unadjusted (U. S. Department of Labor), revised beginning 1933; see table 76, p. 13 of the November 1938 issue and table 1, p. 15, of the December 1938 issue. Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table 76, p. 13, of the November 1938 Survey, or in table 1, p. 15, of the December 1938 issue are available upon request. 173409—39 4 26 SURVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the July Sep- Novem- Decem- Janu- Febru- May 1938 Supplement to the Survey July August tember October ber ber ary ary March April June

EMPLOYMENT CONDITIONS AND WAGES—Continued

EMPLOYMENT—Continued Factory, adj. (Federal Reserve)f— Continued. Nondurable goods 1923-35=100.. 100.3 94.5 97.2 97.6 96.7 98.3 99.5 99.5 98.7 98.6 98.0 98.2 99.2 Chemicals and petroleum refining do 112.4 108.3 111.0 111.4 111.2 111.8 112.3 112.4 111.7 112.0 112.9 113.1 • 112.2 Chemicals do 113 106 110 111 113 117 117 117 118 118 115 115 115 Paints and varnishes do 117 110 113 114 113 114 114 115 114 115 116 114 115 Petroleum refining do 120 121 121 120 119 118 118 118 118 117 117 118 119 Rayon and allied products do 315 272 292 312 313 310 310 310 314 312 322 315 313 Food and kindred products do 123.8 122.2 123.0 122.2 119.2 122.8 124.2 124.2 121.3 122.5 122.3 123.7 • 124.6 Baking do 146 144 144 143 142 143 144 143 144 144 143 145 146 Slaughtering and meat packing do 99 95 95 96 97 99 99 96 95 94 95 97 98 Leather and its manufactures do 92.3 88.4 89.6 91.3 90.8 91.4 92.1 92.8 92.9 93.2 91.7 88.1 '90.9 Boots and shoes do 92 90 91 92 91 92 92 93 93 93 92 88 91 Paper and printing do 107.1 103.0 103.7 104.0 104.3 105.4 106.0 106.0 105.9 106.3 106.3 106. 3 f 105. 9 Paper and pulp do 106 102 103 104 105 106 106 106 106 106 106 107 106 Rubber products do 79.8 69.5 73.4 76.0 76.8 81.7 83.2 81.3 81.3 82.3 81.4 81.2 '81.1 Rubber tires and inner tubes do 67 61 61 62 64 66 67 67 66 67 67 67 r67 Textiles and their products do 100.7 92.1 96.4 97.0 95.6 96.7 98.9 98.4 98.5 97.7 96.4 96.4 r 98.0 Fabrics do 92.4 83.4 87.2 87.1 86.3 88.6 90.3 90.0 89.8 89.2 88.3 89.0 r90.1 Wearing apparel do 117.8 109. 8 115.7 117.9 115.4 113.6 116.4 116.0 116.6 115.5 112.8 111.7 r 114.0 Tobacco manufactures do 64.4 61.9 62.9 64.3 63.2 63.7 64.2 64.5 63.5 60.3 63.2 63.7 64.2 Factory, unadjusted, by cities and States: City or industrial area: Baltimore 1929-31=100.. 92.5 83.6 85.1 87.2 86.8 86.5 87.2 84.8 86.7 89.2 90.3 91.7 '91.7 Chicago 1925-27=100-- 70.9 64.7 65.4 67.2 68.7 69.6 70.6 69.7 70.4 70.6 69.8 70.0 70.5 Cleveland 1923-25=100.. 80.3 70.0 74.0 76.9 79.4 80.6 82.3 81.8 81.8 82.3 82.2 81.8 81.4 Detroit do 59.5 47.8 56.8 72.1 88.0 97.6 102.9 100.8 99.3 97.7 96.0 62.4 86.7 Milwaukee 1925-27=100.. 92.2 85.3 85.9 84.4 85.4 89.0 92.4 90.6 93.6 94.8 94.5 92.9 94.3 New York do «3.1 73.1 81.7 87.7 88.3 86.1 86.9 85.4 89.1 90.5 88.0 85. 5 83. 6 Philadelphia 1923-25= 100.. 91.7 80.7 82.9 84.4 86.1 88.1 90.9 89.6 91.5 91.0 90.8 90.0 '91.0 Pittsburgh do 67.4 59.8 60.8 62. 1 64.4 65.9 66.4 65.3 66.0 66.7 67.2 65.8 '67.6 Wilmington do 86.7 76.4 77.6 81.0 82.2 86.9 87.7 89.3 90.6 92.1 91.6 '88.4 State: Delaware do 94.2 86.6 99.5 94.2 87.7 87.8 91.9 92.7 94.3 95.2 97.0 96.7 '93.7 Illinois 1925-27= 100.. 78.3 70.0 72.0 73.7 74.4 75.3 76.1 75.2 76.8 77.8 77.6 77. 6 78.1 Iowat 1923-25=100_. 129.2 123.9 125.1 126.9 130.5 127.9 131.0 127.6 128. 0 129.0 131.1 131.9 133.2 Maryland 1929-31 = 100. _ 96.7 88.1 90.0 91.9 91.3 90.8 91.6 89.4 92.4 94.5 95.5 95. 8 r 95. 8 Massachusetts 1925-27=100.. 73.3 63.2 70.0 71.8 72.4 72.6 73.8 73.0 74.6 74.8 73.1 71. 6 71.2 New Jersey 1923-25=100.. 78.1 72.5 74.7 75.7 75.2 76.9 77.7 76.7 77.6 77.9 77.5 78.0 78.9 New York 1925-27=100.. 80.6 72.3 76.5 80.3 80.8 80.3 81.3 80.0 81.9 82.7 82.0 80.4 80.9 Ohio 1926=100.. 87.0 75.4 77.6 80.8 82.3 84.9 86.4 84.9 86.0 87.1 86.6 85.2 85. 5 Pennsylvania 1923-25=100.. 76.8 69.2 71.7 73.4 74.4 75.4 76.2 74.6 76.3 76.5 76.2 * 75. 0 ' 75 7 Wisconsinf 1925-27=100.. 88.8 91.3 86.0 83.1 81.4 81.5 82.4 82.7 83.6 83.7 84.5 86.8 Nonmanufacturing, unadjusted (U. S. Depart- ment of Labor): Mining: Anthracite 1929=100.. 44.7 44.6 37.6 46.4 52.4 51.0 51.3 50.0 52.2 51,7 53.0 52. 6 51.2 Bituminous coal do 80.3 78.5 80.1 83.4 87.2 88.6 89.3 88.7 88.6 87.4 25.9 '47.9 '79.1 Metalliferous do 59.1 49.7 51.4 55.2 57.9 61.9 62.3 62.6 60.9 61.0 61.5 '61.9 ' 61 2 Petroleum, crude, producing do 67.5 72.3 72.4 71.5 69.5 68.3 67.8 67.0 66.4 66.2 65.8 ' 66. 1 ' 67. 0 Quarrying and nonmetallic do 47.4 44.1 44.6 44.6 44.4 44.4 41.4 38.3 37.9 40.1 43.0 45.6 47.4 Public utilities: Electric light and power, and manufactured gas 1929=100.. 93.5 92.3 92.7 92.5 92.5 91.9 91.4 90.0 89.6 89.6 90.3 '91.0 '92.2 Electric railroads, etc do 70.0 70.1 69.5 69.3 69.9 69.5 69.4 69.2 69.3 69.5 69.1 ' 09. 6 ' 09. 9 Telephone and telegraph do 76.4 74.9 74.8 74.9 74.7 74.4 74.3 74.1 73.3 73.4 74.1 '75. 5 70. 1 Services: Dyeing and cleaning do 106.6 108.6 105.0 107.8 106.8 102. 5 97.9 94.2 92.1 95.4 102. 2 107. 0 MOO. 9 Laundries do -... 99.8 97.8 97.5 96.5 94.4 93.7 93.4 93.3 92.8 92.9 93.5 95. 5 r 98. 7 Year-round hotels do 90.4 90.7 90.4 91.8 92.9 92.-5 92.0 91.8 92.6 92.7 93.2 ' 93. 9 r 93. 2 Trade: Retail, total ...do 83.4 81.1 80.0 84.7 85.9 86.9 98.1 82.2 81.5 83.8 85.5 85.7 ' 80. 2 91.6 ' 97. 2 General merchandising do 87.9 86.4 97.0 99 4 104. 5 144.1 90.7 88.8 93.2 96. 9 '96.8 r Other than general merchandising.do 81.2 79.3 78.3 81.5 82.3 82.3 86.0 80.0 79. 6 81.3 82.5 '82.8 S3. 3 Wholesale do 88.1 87.6 88.5 89.1 89.8 90.0 88.3 87.9 87.4 87.3 '87.2 r88.1 Miscellaneous employment data: Construction employment, Ohio. .1926=100.. 51.0 36.5 36.1 35.8 34.7 35.2 32.0 28.7 28.6 32.4 35.0 43.0 43.6 Federal and State highway employment: Total number _. 264, 502 322, 508 323, 650 337, 638 350, 090 341,832 266, 629 201, 307 176, 079 109,155 187, 523 220,923 252. 310 Construction (Federal and State)_.do 138, 345 153,602 153,509 164, 444 164, 696 138,512 103,491 73,116 58, 815 58, 622 78, 394 104, 804 130,743 Maintenance (State) do . 126,157 168, 906 170,141 173,194 185, 394 203, 320 163,138 128,191 117, 264 110,533 109,129 116,119 121, 573 Federal civilian employees: United States do 864,827 872, 347 872, 644 873, 853 869, 389 919,161 864,342 875, 541 879, 504 885,706 '903,112 925, 200 District of Columbia.. do,... 116, 231 117,054 118,172 118,455 119,107 120,852 120,229 120, 445 120, 873 122,003 '122, 792 123, 505 Railway employees (class I steam railways): Total thousands.. 945 955 979 992 977 961 948 958 966 967 974 1,010 Index: Unadjusted 1923-25=100.. 56.1 52.1 52.6 53.9 54.7 53.8 52.8 52.2 52.7 53.1 53.2 53.6 r 55. 0 Adjusted do 54.7 50.8 51.3 52.9 53.2 53.4 54. 54.4 54.8 54.6 53.6 53.0 '54.4 Trade-union members employed: All trades percent of total.. 82 83 84 85 85 85 86 87 88 89 Building do 65 64 68 68 67 66 68 71 75 78 Metal do 75 75 73 74 78 79 82 83 83 84 Printing do 87 87 88 88 87 88 90 90 90 All other do 89 89 90 91 91 91 92 On full time (all trades) do—.. 65 66 65 66 67 69 70 70 LABOR CONDITIONS Average weekly hours per worker in factories: National Industrial Conference Board (25 industries) hours.. 37.2 33.8 35.2 36.2 36.7 36.9 36.6 36.6 36.8 36.9 36. 8 36.5 37.2 U. S. Department of Labor (87 industries)! hours.. 34.7 36.3 36.9 37.4 36.5 37.1 36.3 36.9 37.1 36.4 36.7 37.2 ' Revised. fRevised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 20 of the November 1938 Survey will appear in a subsequent issue. P"or data on factory employment, adjusted (Federal Reserve) revised, sec footnote marked with a "t" on p. 25. For average weekly hours per worker in factories, see note marked with a"t" on p. 29. September 1939 SURVEY OF CURRENT BUSINESS 27

LABOR CONDITIONS—Continued Industrial disputes (strikes and lockouts): Beginning in monfh number.. *210 208 262 222 256 207 177 '172 ' 180 ' 192 '209 '207 In progress during month do v 345 387 434 384 406 372 310 '292 ' 305 '312 '342 '345 *338 Workers involved in strikes: Beginning in month thousands.- r> 165 50 48 96 53 43 38 49 '67 41 '390 '91 In progress during month do v 200 86 81 133 113 75 62 70 '86 '62 '418 '450 110 Man-days idle during month do * 1,000 776 831 990 842 558 513 512 '540 '591 ' 4, 861 ' 3, 473 Employment Service, United States: Applications: Active file do 6,101 8,088 8,119 7,966 7,743 7, 529 7,216 7,434 7,080 6,749 6,545 6,382 ' 6,283 New do 494 705 623 523 565 503 477 644 483 500 478 516 570 Placements, total do 28G 228 271 281 292 251 230 199 181 254 270 333 344 Private do 213 156 190 203 208 178 161 130 126 185 195 242 251 Ratio of private placements to active file percent. . 3.5 1.9 2.3 2.5 2.7 2.4 2.2 1.7 1.8 2.7 3.0 3.8 4.0 Labor turn-over in mfg. establishments: Accession rate., .mo. rate per 100 employees. _ 4.19 4.81 5.29 4.51 5.19 4.24 3.22 4.09 3.06 3.34 2.95 3.29 3.92 Separation rate: Total do 2.72 3.81 3.08 3.56 3.30 3.14 3.88 3.19 2.61 3.18 3.46 3.48 3.31 Discharge do .12 .09 .10 12 .12 .10 .09 .10 .10 .13 .10 .13 .12 Lay-off do 1.91 3.13 2.33 2.62 2.40 2.44 3.21 2.24 1.87 2.23 2.60 2.67 2.46 Quit do .69 .59 .65 .82 .78 .60 .58 .85 .64 .82 .76 .68 .73 PAY ROLLS Factory, unadjusted (U. S. Department of Labor) t 1923-25=100.- 83.8 70.6 76.9 81.0 83.8 84.1 86.5 83.4 85.4 86.9 84.9 84.4 '85.9 Durable goods do 76.4 58.6 63.7 68.7 75.2 78.3 80.4 76.6 78.4 80.1 80.2 79.5 '81.4 Iron and steel and their products, not incl. machinery 1923-25 = 100.. 77.2 57.4 65.3 68.6 74.9 79.1 80.8 77.7 79.8 81.6 80.1 '78.4 80.7 Blast furnaces, steel works, and rolling mills 1923-25 = 100.- 79.7 56.8 65.3 67.6 73.9 81.9 83.2 82.1 83.4 84.8 82.8 ' 79 9 '83.4 Hardware do 69.6 48.3 57.6 65.7 86.3 93.2 90.1 81.8 78.9 81.9 76.7 75.1 '71.4 Structural and ornamental metalwork 1923-25 = 100.- 60.8 48.8 51.2 49.7 50.5 50.1 53.2 51.8 54.6 57.6 59.5 59.1 '60.6 Tin cans and other tinware do 105.0 94.4 107.0 103.0 89.2 87.5 87.9 86.6 85.8 92.6 94.0 96.8 ' 102. 4 Lumber and allied products do 56.7 48.7 58.1 60.0 60.0 56.2 56.1 52.0 53.0 53.9 55.7 58.2 ' 60.4 Furniture do 64.7 51.3 62.5 68.1 68.4 64.9 67.8 60.3 66.0 66.1 63.5 63.1 ' 64. 9 Lumber, sawmills do 46.7 41.6 50.2 50.6 50.4 46.4 44.9 42.4 41.1 42.4 46.3 50.3 '51.9 Machinery, not incl. transportation equipment 1923-25 = 100.. 94.6 72.7 76.1 78.6 81.9 83.9 89.4 87.4 91.7 94.2 93.7 94.9 Agricultural implements (including '96.4 tractors) 1923-25 = 100-. 114.6 98.6 95.6 87.1 92.4 95.0 114.4 112.7 131.9 136.7 134.9 126.0 '118.9 Electrical machinery, apparatus, and 87.2 87.0 supplies 1923-25 = 100.. 64.1 67.7 73.0 78.0 80.4 82.7 80.6 83.5 86.5 85.7 '88.0 Engines, turbines, water wheels, '117.5 windmills 1923-25 = 100.- 112.4 85.9 89.9 90.0 90.4 91.6 98.0 98.4 106.9 112.1 115.1 117.2 Foundry and machine-shop products 79.9 80.4 '82.4 1923-25 = 100.. 101 8 63.7 67.2 68.1 69.4 70.6 75.9 74.8 78.0 79.5 78.8 84 1 '95.2 Radios and phonographs do 84". 9 72.4 75.5 83.5 97.9 106.9 107.6 96.8 87.7 85.1 80.8 OC Q Metals, nonferrous, and products do OO. O '86.7 98 6 67.0 74.1 81.4 88.5 90.2 90.3 84.6 88.3 89.2 86.0 qq A '99.0 Brass, bronze, and copper products.do 77.9 83.4 89.1 96.2 99.8 98.9 93.0 96.4 98.6 '95.9 yy. 4 '66.9 Stone, clay, and glass products do 62. 5 53.1 56.5 58.3 63.0 63.8 63.5 56.8 58.0 61.7 63.0 '64.1 40.4 46.2 Brick, tile, and terra cotta do 43.3 35.4 37.2 38.6 40.6 39.0 39.4 36.7 35.6 37.2 39.6 '96.0 Glass do 87. 0 69.1 78.6 82.6 92.9 98.6 99.4 92.0 93.3 95.3 89.4 91. 7 '89.2 Transportation equipment do 75.0 51.0 49.9 64.7 83.8 95.9 97.9 93.5 91.8 92.0 94.4 87. 6 '88.6 Automobiles do 70. 8 47.4 47.0 66.3 91.3 107.6 107.4 101.3 97.3 97.0 99.5 88. 0 91.0 Nondurable goods do 92.1 84.1 91.7 94.9 93.4 90.6 93.4 91.0 93.1 94.6 90.2 89.9 r 119.8 Chemicals and petroleum, refining.__do 118. 6 111.1 116.9 118.9 120.1 119.1 120.1 119.8 119.9 121.7 ' 120. 4 ' 120. 4 ' 129.1 Chemicals do 128.1 114.5 121.0 121.4 128.1 128.1 129.8 127.9 129.6 130.9 127.9 128.9 ' 126. 4 Paints and varnishes do 121. 4 111.0 111.2 114.5 116.3 113.8 115.4 113.1 115.7 120.4 123.2 127. 3 r 134. 4 Petroleum refining do 131. 2 135.3 138.1 134.6 132.8 133.6 134.1 134.5 132.4 131.5 128.5 132.1 Rayon and allied products do 311. 3 249.5 289.0 308.2 302.6 302.7 302.4 309.5 314.4 313.4 304.4 298. 3 r 301. 8 Food and kindred products do 130.0 128.5 131.1 136.7 127.0 122.4 120.9 115.3 112.1 113.8 113.9 120. 9 <• 125. 6 Baking do 145. 9 142.8 139.8 143.5 139.5 139.7 138.2 136.1 136.6 138.0 135.7 143.4 ' 145.1 Slaughtering and meat packing do 112.3 107.9 104.8 108.7 110.0 110.0 112.5 111.1 101.3 100.6 99.5 107.7 ' 109. 8 Leather and its manufactures do 76. 8 69.4 70.0 74.0 69.6 62.4 70.0 77.5 83.3 83.2 74.5 64. 2 '69.3 Boots and shoes do 73.1 67.0 75.1 70.9 64.5 54.4 63.3 72.6 79.6 80.1 70.1 57. 9 '63.2 Paper and printing do 101.0 95.9 98.0 101.1 103.7 103.3 107.3 102.2 102.3 104.2 103.3 103.9 ' 102. 2 Paper and pulp do 101.4 96.9 101.9 101.5 106.5 102.9 103.4 102.6 105.1 105.5 104.6 105.5 ' 104. 4 Rubber products do 82.8 64.1 69.5 76.7 79.7 85.2 89.0 83.9 83.0 85.4 '83.1 82.1 '84.2 Rubber tires and inner tubes do 78.1 60.0 60.6 67.3 69.1 75.3 79.0 76.2 72.9 76.1 73.6 73.5 '76.8 Textiles and their products do 77.5 66.6 80.0 84.0 83.1 78.4 83.3 81.0 87.8 89.0 79.8 77.8 '77.6 Fabrics do 75.6 65.7 73.4 74.7 76.5 77.3 81.1 78.9 81.2 79.4 73.9 74.3 '74.6 Wearing apparel do 78.7 66.0 90.4 99.5 93.0 78.0 84.6 82.4 97.7 104.8 88.8 '82.1 '80.9 Tobacco manufactures do 59.8 57.1 59.0 61.0 60.7 59.8 59.6 49.7 50.9 51.5 53.2 55.8 58.9 Factory, unadjusted, by cities and States: City or industrial area: Baltimore 1929-31 = 100 . 110.5 87.1 92.3 94.0 96.7 96.8 99.4 96.0 99.5 103.2 102.5 107.2 110.5 Chicago 1925-27= 100.. 59.1 50.8 52.2 54.0 55.2 55.9 58.5 57.1 57.3 59.0 57.3 57.8 58.7 Milwaukee do 92.4 79.0 84.3 81.1 84.7 89.9 92.8 88.8 95.4 94.7 94.7 92.8 96.5 New York do 76.3 66.7 75.5 83.6 80.6 76.0 79.0 77.6 82.0 86.9 79.5 77.7 76.9 Philadelphia 1923-25= 100.. 93.0 76.1 79.3 82.7 83.8 84.5 89.6 87.7 90.2 91.1 87.3 88.4 91.9 Pittsburgh do 80.0 58.0 66.4 66.7 73.6 78.6 80.0 79.1 82.8 83.5 81.1 79.8 '85.0 Wilmington do 83.3 72.9 74.1 75.4 75.9 76.4 84.2 84.9 85.8 88.2 90.0 89.1 '88.5 State: Delaware do 78.3 70.2 74.7 74.4 71.7 71.6 78.5 79.0 79.6 81.7 83.4 82.3 '82.0 Illinois 1925-27=100 66.6 55.9 58.9 60.3 62.2 62.6 64.9 63.2 65.1 67.3 66.2 66.4 67.3 Maryland 1929-31=100.. 110.3 89.0 93.9 95.7 98.7 98.7 101.9 97.9 102.2 105.3 104.5 107.0 110.4 Massachusetts 1925-27=100.. 70.1 57.1 64.5 67.1 67.6 66.3 69.5 68.3 70.9 71.2 68.2 67.0 67.5 New Jersey 1923-25= 100__ 78.6 68.4 70.9 72.6 74.6 75.0 77.8 75.9 77.2 79.0 77.1 78.3 80.0 New York 1925-27=100.. 75.8 64.9 70.0 75.3 75.0 72.9 75.8 74.4 76.8 79.4 76.4 74.4 75.9 Pennsylvania 1923-25= 100.. 75.9 61.3 66.9 68.9 72.3 73.3 75.6 73.5 76.2 77.6 74.2 '73.9 '77.9 Wisconsinf 1925-27= 100__ 86.1 81.3 80.3 77.7 80.9 81.6 83.8 79.5 85.7 86.7 85.3 86.1 89.2 ' Revised. v Preliminary. t Revised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933; see table 77, p. 17 of the November 1938 Survey and table 2, p. 16 of the December 1938 issue. For Wisconsin pay rolls, see footnote marked with a "t" on p. 26. 28 SURVEY OF CURRENT BUSINESS September 1939

PAY ROLLS—Continued Nonmanufacturing, unadjusted (U. S. Depart- ment of Labor): Mining: Anthracite 1929=100.. 25.2 20.2 20.0 29.4 43.4 36.2 42.5 38.0 45.2 34.2 43.4 57.0 36.1 Bituminous coal do— 63.4 56.8 64.2 71.9 78.3 81.4 80.9 78.2 81.2 77.8 «• 17.6 ' 20.4 '70.6 Metalliferous do 45.7 38.0 43.7 46.1 49.2 52.3 54.1 55.3 53.4 53.6 52.6 "54.1 '53.9 Petroleum, crude, producing do 62.4 66.7 66.8 66.5 63.7 63.3 62.5 60.9 62.7 61.3 60.8 61.2 62.4 Quarrying and nonmetallic do 40.8 37.0 39.2 38.4 39.2 37.2 33.7 30.2 29.7 33.1 35.9 39.7 '41.8 Public utilities: Electric light and power, and manufactured gas 1929=» 100.. 100.0 98.3 98.9 98.4 99.9 98.6 98.2 95.9 96.4 96.8 "96.9 '98. 8 '100.2 Electric railroads, etc do. 70.9 69.0 69.5 68.4 68.9 68.8 69.7 71.1 69.9 70.5 69.6 70.1 '71.2 Telephone and telegraph do. 93.7 90.9 91.3 92.6 95.3 93.0 92.5 92.0 91.7 91.9 92.1 '93.7 '93.0 Services: Dyeing and cleaning ... ..do. 77.3 77.5 74.3 81.7 78.0 73.9 68.3 65.8 63.2 67.7 73.3 83.0 '84.1 Laundries do. 87.8 83.0 83.1 81.4 79.5 79.3 80.0 79.6 78.6 79.3 79.9 83.9 '8(>.y Year-round hotels .do. 79.4 77.4 77.4 78.9 80.8 81.3 81.1 80.2 82.8 81.1 81.9 '82.4 '82.1 Trade: Retail, total -do. 70.7 68.1 66.8 69.4 70.8 71.5 79.2 69.7 68.4 69.6 71.3 71.5 72.4 General merchandising do. 83.8 80.4 78.8 85.3 88.3 91.8 122.9 84.0 81.0 83.4 86.6 '86.7 '87.9 Other than general merchandising..do 68.0 65.6 64.3 66.1 67.2 67.3 70.1 66.7 65.8 66.8 68.1 68.3 69.2 Wholesale... do. 76.0 73.6 73.7 74.3 75.1 75.4 75.7 75.5 74.6 74.7 74.8 74.9 '75.7 WAGES Factory average weekly earnings: National Industrial Conference Board (25 industries) dollars.. 26.76 23.93 24.93 25.73 26.14 26.32 26.02 25.95 26.11 26.25 26.27 26.19 26.79 U. S. Department of Labor (87 industries)! dollars.. 22.06 22.90 23.32 23.95 23.82 24.31 23.86 24.06 24.23 23.85 23.90 24. 25 Durable goods do... 23.53 24.98 25.80 26.95 27.11 27.34 26.65 26.85 27.10 27.00 26.93 27.43 Iron and steel and their products, not including machinery dollars.. 21.91 24.11 24.59 25.94 26.64 26.91 26.37 26.70 27.01 ' 26. 46 ' 26.17 26.89 Blast furnaces, steel works, and rolling mills dollars.. 21.70 24.70 25.25 26.79 28.48 28.49 28.18 28.47 28.81 28.07 ' 27. 40 28.30 Hardware.- do... 20.77 23.06 23.86 26.32 26.79 25.31 23.42 23.04 23.93 23.05 23.87 25.21 Structural and ornamental metalwork dollars.. 26.01 26.94 25.93 26.12 26.07 27.18 26.59 26.93 27. 54 28.06 27.71 28.13 Tin cans and other tinware do— 22.44 23.40 22.85 22.50 22.50 22.76 22.78 22.33 23.57 23.19 23.66 24.00 Lumber and allied products do 18.64 21.02 21.31 21.09 19.91 20.14 19.81 19.80 20.02 20.08 20.73 20.96 Furniture do— 17.87 20.43 21.50 20.77 19.75 20.60 19.13 20.26 20.20 19.74 19.86 19.91 Lumber, sawmills do— 18.29 20.90 20.88 20.94 19.57 19.27 19.86 18.83 19.34 19.94 21.00 21.26 Machinery, not including transportation equipment dollars.. 24.34 25.08 25.57 26.07 26.04 27.00 26.55 27.27 27.67 27.45 27.86 27.97 Agricultural implements (including tractors) dollars... 27.05 26.43 26.55 27.11 27.08 29.85 27.92 29.96 30.19 30.00 29.56 28.85 Electrical machinery, apparatus, and supplies dollars.. 24.33 25.28 26.07 26.71 26.69 27.26 27.17 27.63 28.09 27.57 28.11 28.42 Engines, turbines, water wheels, and windmills dollars.. 27.05 28.13 28.00 28.01 28.35 29.73 29.21 30.50 30.92 30.94 30.95 30.57 Foundry and machine-shop products dollars.. 23.99 24.87 25.02 25.54 25.51 26.48 26.11 26.69 27.02 26.70 27.23 27.71 Radios and phonographs do— 22.11 21.20 22.21 22.53 22.40 22.62 22.15 21.15 21.14 21.19 21.73 21.63 Metals, nonferrous, and products..do 22.93 24.14 25.14 26.06 25.70 25.81 24.85 25.48 25.60 24.90 25.38 25.52 Brass, bronze, and copper products dollars.. 24.74 25.63 26.32 27.28 27.14 26.92 25.79 26.42 26.98 26.43 27.18 27.32 Stone, clay, and glass products do.... 21.90 22.77 23.00 23.96 23.82 24.03 22.98 23.43 23.72 22.96 23.48 23.94 Brick, tile, and terra cotta_ do 18.83 19.56 19.77 20.37 19.46 20.06 19.65 19.47 19.59 19.46 19.91 21.25 Glass do... 22.15 23.95 24.13 25.47 25.68 25. 76 24.72 25.04 25.30 23.37 24.15 24.86 Transportation equipment do 29.43 31.22 32.64 33.88 33.64 32.72 31.32 30.69 30.81 r 31. 80 31.04 32.31 Automobiles do... 29.56 32.33 33.81 34.98 34.89 33.22 31.55 30.80 30.87 32.33 31.18 32.75 Nondurable goods ..do... 20.83 21.25 21.33 21.35 20.85 21.53 21.28 21.49 21.60 20.92 ' 21. 11 21.31 Chemicals and petroleum refining.do... 28.48 29.02 28.36 28.41 28.26 28.52 28.63 28.55 28.36 27.90 28.81 29.48 Chemicals do... 29.40 30.39 29.90 30.88 30.22 30.72 30.63 30.89 31.08 r 30. 66 31.00 31.07 Paints and varnishes do... 27.38 27.39 27.70 27.83 27.34 27.80 27.34 27.84 28.30 28.24 29.12 28.62 Petroleum refining ..do... 34.60 35.25 34.58 34.45 34.86 35.30 35.75 35.23 35.20 34.39 35.10 34.87 Rayon and allied products. do 22.68 24.16 24.02 23.63 23.74 23.80 24.22 24.15 24.24 23.64 23.70 24.61 Food and kindred products do... 24.53 23.18 23.43 24.11 24.22 24.75 24.96 24.83 25.00 24.57 ' 25.48 25.13 Baking do 25.79 25.33 25.86 25.30 25.21 25.26 25.47 25.40 25.52 25.11 ' 25. 91 25.96 Slaughtering and meat packing._do__. 28.63 27.93 28.66 28.51 27.54 27.69 28.05 26.98 27.32 27.23 28.39 28.25 Leather and its manufactures do... 18.51 19.80 18.98 18.32 17.22 18.62 19.71 20.19 20.12 18.73 17.43 18.85 Boots and shoes... do 17.48 18.85 17.87 16.97 15.41 17.11 18.54 19.13 19.17 17.58 15.93 17.44 Paper and printing ..do... 27.10 27.48 27.91 28.14 27.58 28.61 27.80 27.89 28.37 28.08 28.22 28.04 Paper and pulp do 23.37 24.26 23.92 24.85 23.78 23.85 23.82 24.16 24.43 24.11 24.25 24.13 Rubber products do... 24.84 25.39 26.91 27.27 27.58 28.40 27.72 27.28 27.40 27.00 26.81 27.88 Rubber tires and inner tubes do... 28.43 28.73 31.27 31. 25 32.77 33.76 32.59 31.68 32.54 31.48 31.46 33.06 15.67 16.87 17.03 17.00 16.35 16.36 16.49 Textiles and their products do... 15.72 16.56 16.43 16.65 16.35 17.00 16.75 17.35 17.38 ' 16. 35 16.18 Fabrics do 15.50 17.68 18.68 18.01 16.35 16.82 16.55 16.81 16.56 15.86 ' 16. 01 17.46 Wearing apparel do 17.18 16.89 16.96 16.84 16.55 17.61 17.38 19.03 19.91 17.84 17.43 Tobacco manufactures do... 16.92 15.59 15.19 16.22 16.08 16.60 17.19 Factory average hourly earnings: National Industrial Conference Board (25 industries) dollars.. .722 .713 .714 .714 .714 .713 .713 .713 .715 .717 .720 U. S. Department of Labor (87 industries) t dollars. .635 .629 .632 .637 .645 .648 .651 .649 .651 .648 .649 .648 Durable goods do-.. .704 .702 .708 .710 .724 .726 .729 .726 .727 .726 .724 .724 Iron and steel and their products, not including machinery dollars. .753 .753 .753 .753 .757 .757 .757 .754 .752 .753 .753 .757 Blast furnaces, steel works, and rolling mills dollars- .840 .835 .839 .839 .842 .842 .835 .835 .835 .835 '.835 .842 Hardware do... .652 .657 .680 .689 .667 .660 .651 .655 .655 .651 .655 Structural and ornamental metal work dollars.. .728 .731 .726 .720 .725 .727 .731 .729 .731 .731 .727 .721 Tin cans and other tinware. do... .589 .597 .599 .606 .607 .608 .613 .610 .608 .611 '.609 .609 Lumber and allied products do... .511 .523 .526 .520 .533 .532 .541 .525 .533 .539 .543 .543 Furniture. .do. .522 .522 .524 .518 .524 .526 .521 .523 .527 .532 .530 .527 Lumber, sawmills. do. .502 .519 .525 .520 .537 .533 .550 .523 .533 .542 .552 .552 ' Revised. tRevised series. See note marked with "t" on p. 29. September 1939 SURVEY OF CURRENT BUSINESS 29

WAGES—Continued Factory average hourly earnings—Continued: U. S. Dept. of Labor (87 industries)!—Contd. Durable goods—Continued: Machinery, not including transportation equipment dollars.. 0.724 0.720 0.721 0.717 0.720 0. 721 0.724 0.725 ' 0. 727 0.725 0.725 Agricultural implements (including tractors) dollars.. .781 .768 .771 .777 .794 .803 .794 .804 .803 .795 .787 .780 Electrical machinery, apparatus, and supplies-— dollars. 742 .738 .737 .732 .730 .736 .744 .743 .745 .742 .744 .744 Engines, turbines, water wheels, and windmills dollars. .785 .787 .788 .785 .786 .793 .788 .787 .788 ' .792 .787 .782 Foundry and machine-shop products dollars.. .710 .709 .710 .709 .711 .712 .713 .711 .715 .714 .710 .716 Radios and phonographs do .610 .595 .594 .577 .582 .582 .591 .577 .578 .586 .589 .583 Metals, nonferrous, and products__do .661 .659 .662 .667 .668 .665 .669 r . 669 .672 .670 Brass, bronze, and copper products dollars.. .714 .715 .713 .709 .710 .707 .701 .704 .705 .704 .708 .707 Stone, clay, and glass products do .633 .634 .632 .640 .645 . 651 .651 .648 .651 .648 .646 .647 Brick, tile, and terra cotta do .511 .511 .516 .526 .531 .537 .540 .542 .544 .535 .534 .538 Glass do .704 .712 .707 .716 .722 .723 .728 .720 .716 .707 '.706 .711 Transportation equipment do .883 .883 .897 .878 .906 .898 .899 .897 .898 .895 .803 Automobiles do .930 .936 .933 .906 .932 .924 .921 .924 .926 .931 .930 Nondurable goods do .583 .578 .577 .579 .580 .584 .585 .586 .586 .582 .584 .582 Chemicals and petroleum refining..do .773 .763 .744 .736 .744 .743 .744 .742 .734 .732 .749 .762 Chemicals do .787 .785 .781 .775 .776 .781 .780 .780 .780 '.777 .776 .777 Paints and varnishes do .707 .700 .699 .694 .695 .699 .699 .697 .698 .697 .701 .697 Petroleum refining do___ .988 .986 .984 .976 .979 .974 .980 .970 .973 .973 • .970 .969 Rayon and allied products do... .645 .639 .638 .639 .641 .641 .637 .640 .643 .647 .647 .640 Food and kindred products do _ _ _ .599 .586 .576 .598 .612 .619 .628 .632 .629 .627 .632 .622 Baking do_._ .612 .615 .610 .609 .611 .615 .617 .615 .615 .613 '.617 .618 Slaughtering and moat packing_..do.. _ .691 .689 .686 .685 .685 .679 .683 .684 .689 .694 .689 .691 Leather and its manufactures do .515 .516 .524 .530 .533 .526 .525 .520 .517 '.525 .520 .527 Boots and shoes do .492 .493 .501 .506 .508 .499 .498 .488 .492 '.501 '. 504 .502 Paper and printing do .767 .760 .765 .764 .762 .771 .765 .768 .771 .770 .772 .770 Paper and pulp do .619 .617 .613 .613 .612 .613 .616 .611 .614 .612 .616 .618 Rubber products do .774 .760 .758 .756 .756 .764 .768 .760 . 765 .761 .742 .765 Rubber tires and inner tubes do .945 .941 .946 .944 .952 .961 .957 .953 .957 .947 .944 .947 Textiles and their products do .482 .489 .492 .486 .478 .482 .484 .489 .491 .479 .477 .472 Fabrics do .464 .462 .459 .460 .461 .462 .461 .462 .457 .459 .458 Wearing apparel do . .508 .531 .539 .531 .510 .521 .525 .539 .541 .517 .510 .498 Tobacco manufactures do .460 .462 .458 .456 .462 .474 .474 '.474 .472 .474 Factory average weekly earnings, by States: Delaware 1923-25=100.. 86.8 84.7 78.4 82.5 85.5 85.2 89.0 88.3 89.6 89.8 '91.4 Illinois 1925-27 = 100.. 92.3 86.7 88.7 88.9 90.7 90.1 92.6 91.3 92.0 93.9 92. 5 92.8 93.4 Massachusetts do 95.8 90.4 92.3 93.6 93.5 91.5 94.3 93.8 95.3 95.4 93.4 93.5 94.9 New Jersey 1923-25=100.. 112.1 105.4 105.9 106.9 110.5 108.6 111.5 110.2 110.8 112.8 110.7 111.8 113.0 New York 1925-27=100.. 94.0 89.7 91.4 93.8 92.8 90.7 93.3 93.0 93.7 95.9 93.1 92.6 93.8 Pennsylvania 1923-25=100.. 97.6 86.7 91.9 92.5 96.0 96.7 98.8 98.1 100.3 101.2 96.9 97.5 101.0 Wisconsinf 1925-27=100. 95.8 89.3 93.5 93.5 99.4 101.0 97.8 102. 7 102.9 100.7 100.6 101.4 Miscellaneous wage data: Construction wage rates (E. N. R.):§ Common labor dol. per hour. .684 .677 .677 .677 .682 .682 .680 .680 .683 .682 .684 Skilled labor do... 1.44 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.43 .144 1.44 1.44 1.44 Farm wages without board (quarterly) f dol. per month.. 36.26 37.2S 36.09 34.92 35.42 Railway wages (average, class I) dol. per hour .726 .714 .727 .725 .735 .735 ,740 .750 .726 .732 .720 .719 Road-building wages, common labor: United States, average dol. per hour .42 .43 .42 .41 .40 .38 .37 .35 .35 .39 .40 .41 East North Central do... .62 .62 .59 .59 .59 .63 .59 .60 .60 .62 .60 .63 East South Central do_. .28 .28 . 28 .28 .29 .27 .28 .28 .27 .30 .28 .29 Middle Atlantic do.. .49 .49 .50 .50 .50 .51 . 52 .56 .57 .54 .51 .51 Mountain do... .55 .55 .55 .54 .55 .53 .53 .51 .54 .55 .55 .56 New England do__. .44 .44 .45 .46 .47 .50 .51 .48 .50 .57 .52 .49 Pacific ___do__ .66 .66 .66 .68 .70 .66 .66 .67 .65 .67 .63 .65 South Atlantic do_. .27 .27 .27 .28 .27 .26 .27 .27 .27 .28 .28 .28 West North Central do... .46 .47 .46 .47 .46 .43 .4? .41 .40 .42 .45 .45 West South Central do.. .37 .39 .38 .36 .36 .36 .35 .38 .37 .37 .37 .37 ALL PUBLIC BELIEF Total, exclusive of transient care and adminis- trative expense t mil. of dol.. 299 320 326 325 310 318 305 Obligations incurred for. Special types of public assistance do 47 General relief do 37 Subsistence payments certified by the Farm Security Administration mil. of dol _ Earnings of persons employed on Federal work programs Civilian Conservation Corps.__mil. of doL. 20 20 19 20 19 21 18 20 20 Works Progress Administration: Operated by W. P. A.f do.... 151 163 165 171 172 168 156 150 158 146 141 134 Operated by other Federal agenciesf. do 4 5 5 5 5 5 5 4 ' 5 6 7 7 National Youth Administration: Student aid -do Work projectsf do Other Federal work and construction projects! mil. of doL. 40 38 39 37 36 35 46 54

' Revised. a Less than $500,000. ^Construction wage rates as of August 1, 1939, common labor $0,685, skilled labor $1.44. tRevised series. For classification changes, factory weekly and hourly earnings, and hours worked per week, see note marked with a "f" on p. 29 of the July 1939 Survey. Farm wages revised beginning 1913; data not shown above will appear in a subsequent issue. Data on all public relief revised beginning with January 1933; figures not shown on p. 29 of the April 1939 Survey will appear in a subsequent issue. Meanwhile, the historical record can be obtained from the Social Security Bulletin for April 1939. The revised series differ from those previously published in that they include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part from Federal funds. Wisconsin weekly earnings revised beginning August 1937; data not shown on p. 29 of the July 1939 Survey will appear in a subsequent issue. 30 SURVEY OF CURRENT BUSINESS September 1939

FINANCE

BANKING Acceptances and com'l paper outstanding: Bankers' acceptances, total mil. of dol_. 236 265 258 261 270 273 270 255 248 245 238 Held by Federal Reserve banks: For own account do 0 0 0 0 0 0 0 0 0 0 0 0 0 For foreign correspondents do U 1 (a) (a) (a) (a) (*) 0 0 0 0 0 0 Held by group of accepting banks: Total mil. of dol._ 188 217 216 221 223 222 212 204 198 191 189 192 191 Own bills do 119 133 129 129 130 124 121 122 122 117 118 124 122 Purchased bills do 09 84 87 92 93 98 91 82 76 74 72 68 69 Held by others do 48 47 42 40 46 51 58 52 50 54 49 55 53 Commercial paper outstanding do 194 211 209 212 213 206 187 195 195 191 192 189 181 Agricultural loans outstanding of agencies su- pervised by the Farm Credit Administra- tion: Grand total mil. of dol_. 3,148 3,319 3,307 3,290 3,257 3,229 3,210 3,185 3,178 3,173 3,172 3,160 3,158 Farm mortgage loans, total do 2, 647 2,795 2,786 2,776 2,764 2,751 2,735 2,719 2,710 2,694 2,683 2,671 2,658 Federal land banks do 1,934 2,014 2,009 2,004 1,998 1,990 1,982 1,973 1,969 1,960 1,955 1, 948 1,941 Land Bank Commissioner do 713 782 777 772 767 760 753 746 741 734 728 723 718 Loans to cooperatives, total • do 85 100 102 110 116 112 112 105 98 91 86 84 83 Banks for cooperatives incl. Central Bank mil. of dol.. 75 76 83 87 86 87 80 74 66 61 60 60 Agricultural Marketing Act revolving 62 fund mil. of dol.. 25 26 27 28 25 24 24 24 23 23 23 23 Short-term credit, total do 424 420 404 377 366 363 362 370 389 403 411 417 Federal intermediate credit banks, loans 417 to and discounts for: Regional agricultural credit corps., prod, credit ass'ns, and banks for cooperatives^ mil. of doL. 189 199 197 190 175 167 168 164 167 175 183 187 190 Other financing institutions do 41 43 43 41 36 35 34 33 34 35 36 38 40 Production credit ass'ns do. 188 184 181 171 155 148 148 148 155 168 178 183 188 Regional agr. credit corps do. 10 14 14 13 12 12 11 11 11 10 10 10 10 Emergency prop loans do. 125 127 126 123 119 117 116 115 116 121 125 125 125 Drought relief loans do_ 54 56 56 56 55 55 55 55 54 54 54 54 54 Joint Stock Land Banks in liquidation._do 93 92 91 90 89 87 85 85 83 82 80 79 Bank debits, total (141 cities) mil. of dol_. 30, 477 30, 505 28, 270 29, 525 33,235 29, 463 39, 966 32, 393 27, 581 34, 486 30,143 31,928 33, 988 New York City do.. 12, 794 13,828 12, 247 13,085 15,140 12,425 18, 879 14,533 12,380 16,274 13,311 14,165 15,312 Outside New York City do.. 17, 683 16,677 16,023 16,440 18,096 17,039 21,087 17,860 15, 201 18,211 16,832 17, 763 18, 676 Federal Reserve banks, condition, end of mo.: Assets (resources) total mil. of dol 17, 348 14,285 14,261 14, 573 14,861 15,293 15,581 15,639 15,862 16,186 16,766 16, 922 17,172 Reserve bank credit outstanding, total mil. of dol._ 2,486 2,589 2,585 2,600 2,586 2,584 2,601 2,607 2,598 2,587 2,595 2,573 2,579 Bills bought do. 1 1 1 1 1 7 7 1 1 1 1 1 1 1 1 Bills discounted do_ 5 5 4 3 4 5 United States securities do. 2,488 2,564 2,564 2,5638 2,5647 2,5647 2,564 2,574 2,564 2,564 2,571 2,564 2,551 Reserves, total do. 14,230 11,049 11,026 11,295 11,639 11,970 12,166 12,382 12, 561 12,951 13,476 13,673 13, 874 Gold certificates do. 13,878 10, 642 10,640 10, 918 11,272 11,613 11, 798 11,948 12,125 12,553 13,103 13, 326 13, 524 Liabilities, total do. 17, 348 14, 285 14,261 14, 573 14, 861 15, 293 15, 581 15,639 15,862 16,186 16,766 16, 922 17,172 Deposits, total do. 11,952 9,270 9,212 9,406 9,672 9,935 10,088 10,420 10,571 10,919 11,376 11,535 11,701 Member bank reserve balances, total mil. of dol.. 10. 507 8,164 8,179 8,198 8,713 8,876 8,724 9,215 8,936 9,157 9,900 10,029 10, 018 Excess reserves (estimated) do. 4'. 553 3,022 2,941 2,869 3,227 3,383 3,205 3,644 3,387 3,559 4,098 4,218 4, 140 Federal Reserve notes in circulation ..do 4.530 4,135 4,169 4,253 4,315 4,385 4,452 4,339 4,353 4,380 4,458 4,477 4,511 Reserve ratio percent.. 86.3 82.4 82.4 82.7 83.2 83.6 83.7 83.9 84.2 84.7 85.1 85.4 85.6 Federal Reserve reporting member banks, condition, Wednesday nearest end of month: Deposits: Demand, adjusted mil. of doL_ 17,462 14, 951 15, 388 15, 508 15, 766 16,013 15, 986 16, 048 15, 965 15,991 16, 660 16,965 17, 220 Time do 5, 243 5,193 5, 210 5,180 5,155 5,124 5,160 5,183 5,202 5,217 5,248 5, 235 5, 237 Domestic interbank do 7, 012 5,927 5, 958 5,799 6,219 6,212 6, 061 6, 359 6,414 6,466 6,627 6, 675 6, 747 Investments, total 1 do 14,078 12, 395 12, 591 12. 999 13,081 13,008 13,219 13, 209 13, 408 13, 388 13, 714 13,554 13, 862 U. S. Government direct obligations, do 8, 515 7,655 7,789 8,111 8,132 8,106 8,266 8,173 8,143 8,096 8,341 8,237 8, 423 Obligations fully guaranteed by U. S. Government mil. of dol. 2,241 1,646 1, 655 1,675 1,686 1,682 1,732 1,789 2,019 2,026 2,026 2, 055 2,148 Other securities 1 do 3,322 3,094 3,147 3,213 3. 263 3,220 3,221 3,247 3,246 3,266 3,347 3,262 3,291 Loans, total ^ do 8, 166 8,165 8,270 8,241 8,327 8,317 8,430 8,233 8,186 8,191 8,071 8,126 8, 089 Commercial, industrial, and agricultural loans 1 mil. of dol.. 3,887 3,865 3, 886 3,891 3,892 3,866 3,843 3, 767 3,773 3,814 3,841 3,822 3,833 Open market paper do. 313 336 339 344 347 338 328 324 313 305 302 308 303 To brokers and dealers in securities mil. of doL. 655 602 690 649 728 712 848 792 799 764 648 721 648 Other loans for purchasing or carrying securities mil. of doL. 526 574 579 576 571 572 560 535 523 531 539 539 543 Real estate loans do_. 1, 168 1,161 1,160 1,161 1,164 1,169 1,169 1,174 1,136 1,140 1,148 1,156 1, 161 Loans to banks do__ 74 111 109 118 110 117 115 99 92 94 60 59 51 Other loans 1 do._ 1,543 1,516 1,507 1,502 1,515 1,543 1,567 1,542 1,550 1,543 1,533 1,521 1,550 Money and interest rates: Bank rates to customers: In New York City percent 2.27 2.16 2.25 2.29 2.33 2.33 2.29 2.24 0) 0) 0) In eight other northern and eastern cities percent.. 0) 3.28 3.26 3.30 3.37 3.28 3.47 3.41 3.33 0) 0) 0) 0) In twenty-seven southern and western cities percent._ 0) 4.12 4.12 4.07 4.06 4.05 4.04 4.10 4.09 0) 0) (0 (0 Bond yields (Moody's): Aaa do. 2.89 3.22 3.18 3.21 3.15 3.10 3.08 3.01 3.00 2.99 3.02 2.97 2.92 Baa do. 4.84 5.63 5.49 5.65 5.36 5.23 5.27 5.12 5.05 4.89 5.15 5.07 4. 91 Discount rate (N. Y. F. R. Bank) do 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Federal land bank loans do 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4. 00 4.00 Federal intermediate credit bank loans.. do 1.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.92 1.50 1.50 1.50 1.50 Open market rates, N. Y. C* Acceptances, prime, bankers do. Me Me Me Me Ms Me Me Me Me Me Call loans, renewal (N. Y. S. E.) do 1.00 1.00 1.00 1.00 1.00 1 00 1.00 1.00 1.00 1.00 1.00 I.'OO Commercial paper, prime (4-6 months) percent.. 5A-3A H H V2-H H-H H-H Time loans, 90 days (N. Y. S. E.) do VA \\i 11/4 VA VA VA Treasury bills, 91 days (yield) do. . 04 m .06 .0m8 .05 .0m4 .0m3 .0m3 .03 .03 .03 .03 . 03 Treasury notes, 3-5 years (yield) do. .45 .07 .71 .82 .68 .71 .67 .65 .63 .51 .50 . 42 .39 .70 °Less than $500,000. cfTo avoid duplication, these loans are excluded from the totals. •Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately. ^See note marked with a "f" on p. 30 of the July 1939 issue. 1 Discontinued by reporting source. New series on somewhat different basis will be substituted when available. September 1939 SURVEY OF CURRENT BUSINESS 31

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the July Sep- Novem- Decem- Janu- Febru- April May 1938 Supplement to the Survey July August tember October ber ber ary ary March June FINANCE—Continued

BANKING—Continued Savings deposits: Savings banks in New York State: Amount due depositors mil. of doL 5,519 5,329 5,332 5,362 5,363 5,359 5,405 5,417 5,431 5,478 5,463 5,471 5, 514 U. S. Postal Savings: Balance to credit of depositors do 1,268 1,252 1,252 1,248 1,250 1,250 1,252 1,259 1,263 1,266 1,264 1,261 1, 262 Balance on deposit in banks do-_. 57 101 96 87 83 81 76 73 64 COMMERCIAL FAILURES! Grand total number. 917 1,038 1,015 866 997 984 875 1,263 963 1,123 1,140 1,122 952 Commercial service, total do 26 51 34 33 47 48 37 54 32 52 46 44 60 Construction, total do... 37 45 57 49 43 55 48 54 45 54 51 66 50 Manufacturing, total do... 188 210 173 184 172 196 175 218 177 210 219 206 166 Chemicals and drugs do.._ 3 7 8 6 10 6 11 7 12 7 6 6 7 Foods do___ 49 32 37 31 38 44 33 43 42 51 62 56 40 Forest products do 15 24 12 14 14 13 21 17 18 20 18 21 12 Fuels do.__ 6 2 2 8 4 0 3 9 3 11 1 5 Iron and steel do... 6 14 11 11 8 10 8 12 12 12 10 13 Leather and leather products do... 5 7 6 6 5 10 5 12 7 9 5 11 Machinery do... 14 13 12 18 12 12 11 17 11 15 17 9 8 Paper, printing, and publishing do._. 19 20 9 18 16 15 8 15 16 15 13 11 12 Stone, clay, glass and products do._. 6 6 7 9 7 7 4 8 4 8 1 8 5 Textiles do... 40 58 41 33 30 51 44 41 31 50 41 60 32 Transportation equipment do. _ . 1 3 6 4 7 8 3 3 0 4 2 4 4 Miscellaneous do... 24 24 22 26 21 20 24 34 19 18 27 15 17 Retail trade, total do.__ 574 629 629 528 627 586 527 802 618 683 688 670 585 Wholesale trade, total do._. 92 103 122 72 108 99 88 135 91 124 136 136 91 Liabilites: Grand total thous. of doL 14,150 14, 761 16,382 14,341 13,219 12,302 36, 528 19,122 12, 788 17,915 17, 492 14,757 11,609 Commercial service, total do__. 331 617 344 347 575 1,158 1,628 1,912 262 1,113 495 876 509 Construction, total do... 362 376 1,128 782 607 713 797 615 968 1,228 744 1,158 1,150 Manufacturing, total do... 6, 702 5,957 6,147 5,227 4,110 4,434 6,285 6,803 4,985 7,875 8,294 4,893 4, 468 Chemicals and drugs do... 32 100 91 65 245 90 185 81 125 55 100 109 97 Foods do... 2,368 2,143 747 1,506 1,031 703 1,743 1,636 1,482 3,248 1,444 1, 852 1, 057 Forest products do. _ _ 212 389 370 480 478 909 489 387 237 742 340 525 215 Fuels do... 1,017 295 76 696 316 0 156 357 306 755 1,164 100 341 Iron and steel do... 53 258 764 204 81 429 524 1,090 255 306 363 316 313 Leather and leather products do._. 213 221 62 57 54 92 169 575 118 86 1,837 28 199 Machinery do 773 291 256 261 206 162 704 713 255 302 565 281 276 Paper, printing, and publishing do._. 260 293 434 415 604 333 89 267 512 188 666 407 216 Stone, clay, glass and products do. 263 350 549 124 305 270 116 335 112 155 8 212 79 Textiles do. 1,130 991 2,254 981 341 892 540 650 1,055 1,614 1,024 813 1,147 Transportation equipment do__. 58 150 340 77 106 149 1,206 26 0 145 388 44 45 Miscellaneous do 323 476 204 361 343 405 364 686 528 279 395 206 483 Retail trade, total do___ 4,686 5,385 5,903 6,450 5,251 4,513 4,142 7.731 5,251 5,662 5,566 5,878 3,849 Wholesale trade, total do 2,069 2,426 2,860 1,535 2,676 1,484 23, 676 2,061 1,322 2,037 2,393 1,952 1,633 LIFE INSURANCE (Association of Life Insurance Presidents) Assets, admitted, total:t mil. of dol 22, 209 22, 302 22,413 22, 520 22,620 22, 729 22,850 22,929 23,018 23,100 23,199 23, 275 Mortgage loans, total do 4,291 4,313 4,334 4, 350 4,361 4,381 4,395 4,403 4,410 4,416 4,424 4,435 Farm do 672 670 674 674 673 670 670 669 667 667 666 664 Other do 3,619 3,643 3,660 3,676 3,688 3,711 3,725 3,734 3,743 3,749 3, 758 3, 771 Real estate holdings do 1,800 1,801 1,792 1,790 1,790 1,751 1,743 1,740 1,738 1, 743 1, 746 1, 745 Policy loans and premium notes do 2,665 2,663 2,663 2,659 2,650 2,636 2,628 2,621 2,611 2,605 2,598 2,585 Bonds and stocks held (book value) total mil. of dol. 12, 349 12,388 12, 553 12,658 12,629 12,869 12,884 12,950 12,999 13, 065 13,127 13,358 Government (domestic and foreign) do 5,560 5,507 5,598 5,603 5,603 5,794 5,857 5,895 5,903 5,952 5, 977 6, 057 Public utility do.... 2,789 2,847 2,885 2,954 2,950 3,004 2,957 2,974 2,995 3,003 3, 007 3,139 Railroad do 2,752 2,754 2,754 2,752 2,726 2,649 2,653 2,657 2,671 2,675 2, 684 2, 699 Other do 1,248 1,280 1,316 1,349 1,350 1,422 1,417 1,424 1,430 1,435 1, 459 1,463 Cash do 774 803 732 727 821 635 747 759 810 827 858 727 Other admitted assets do 330 334 339 336 457 453 456 450 444 446 425 Insurance written:© Policies and certificates, total number thousands.. 687 720 712 760 822 865 1,089 675 842 716 812 841 Group do 26 12 18 16 24 34 71 30 23 33 20 33 134 Industrial do 427 511 518 582 598 608 755 357 399 499 464 496 461 Ordinary do 234 197 176 161 200 223 264 262 252 310 232 283 245 Value, total thous. of doL_. 506,380 528,452 550,960 519,932 592,432 671, 262 974,920 729,937 570, 491 645,019 550,666 604, 445 729,749 Group do 23, 862 18,659 33, 443 24, 924 32, 288 43, 754 91, 294 51,899 40, 365 45,205 35,981 43,278 ]94, 223 Industrial do 118,218 153, 392 156, 304 173,641 179, 553 182,690 226,085 99, 363 109,871 138, 396 129, 051 137,073 128, 568 Ordinary do 364, 300 356, 401 361, 213 321, 367 380, 591 444,818 657, 541 578,675 420, 255 461,418 385,634 424, 094 406, 958 Premium collections, total do 248,077 287,110 245, 298 237,697 234,120 248,595 355, 603 277,860 250, 374 287, 539 243,414 257, 965 268, 472 Annuities do 27,712 66, 779 22,652 19,366 20,905 28,515 50,208 35,905 22,491 25,817 19,838 22, 809 25, 496 Group do 10,497 10,423 10,608 10,408 9,980 10,001 12,148 12.914 11, 667 13, 019 10,450 11,302 11,528 Industrial do 55, 554 56, 737 60, 073 60, 695 57,253 55, 034 96,493 65,146 56,981 62,960 61, 263 59,846 61, 255 Ordinary do 154, 314 153,171 151,965 147, 228 145,982 155,045 196, 754 163,895 159, 235 185, 743 151,863 164, 008 170,193 (Life Insurance Sales Research Bureau) Insurance written, ordinary, totalf thous. of dol. 462,423 457, 224 470,917 428,482 488,956 570, 648 897,886 729, 766 532,032 577,203 495, 532, 089 524, 925 New England do 36,030 31, 795 30,887 28, 648 35,105 44, 547 65, 390 58,827 43,632 44,852 37, 40, 608 41,314 Middle Atlantic do..._ 124, 598 118,748 123,610 112,049 139,695 170, 752 279,319 194,457 140,911 159, 747 140, 148,804 142, 293 East North Central do 102,981 99,159 97,453 90, 542 103,323 120,493 187, 742 174,370 122, 242 130,647 109, 117,143 116,689 West North Central do 48, 575 51, 227 53, 082 45,864 49,986 56, 665 93, 672 76,498 54,148 55, 913 49, 53, 372 53,078 South Atlantic do 42, 233 42,860 46,830 42, 111 46, 365 51,957 79,463 63,300 48,038 53,050 45, 50,104 51,134 East South Central do 18, 277 17, 586 18,834 19,504 18,941 23, 548 34,198 27,101 20,386 22, 845 19, 21, 059 21,811 West South Central. do 37, 658 41, 694 41,235 36,175 40,218 40, 575 62, 032 53, 202 42, 233 45,997 38, 42, 221 40,791 Mountain do 13, 659 13,990 14,850 13, 428 13, 504 14, 934 22, 075 17,806 13,677 15, 848 13, 14, 406 14, 935 Pacific do 38, 412 40,165 44,136 40,161 41,819 47,177 73, 995 64, 205 46, 765 48, 304 42, 44, 372 42,880 Lapse rates 1925-26=100— 101 93 fRevised series. Data on commercial failures revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 issue. Data for insurance written, ordinary (Life Insurance Sales Research Bureau) include a block of intermediate insurance beginning January 1939. Earlier data on a comparable basis will be shown in a subsequent issue. J37 companies having 82 percent of total assets of all United States legal reserve companies. 040 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies. 32 SUEVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the July July August Sep- Novem- Decem- Janu- Febru- 1938 Supplement to the Survey tember October ber ber ary ary March April May June FINANCE—Continued MONETARY STATISTICS Foreign exchange rates: Argentina dol. per paper peso.. 0.312 0.329 0.325 0.320 0.318 0.314 0.311 0.311 0.312 0.312 0.312 0.312 0. 312 Belgium dol. per belga. .170 .169 .169 .169 .169 .169 .168 .169 .169 .168 .168 .170 .170 Brazil dol. per milreis .061 .059 .058 .059 .058 .059 .059 .059 .059 .059 .059 (2) .061 British India dol. per rupee.. .349 .368 .364 .358 .356 .352 .349 .349 .350 .351 .350 .349 .349 Canada dol. per Canadian doL_ .998 .994 .996 .994 .991 .992 .991 .992 .995 .996 .995 .996 .998 Chile dol. per peso. . 052 .052 .052 .052 .052 .052 .052 .052 .052 .052 .052 .052 .052 France... dol. per franc. . 026 .028 .027 .027 .027 .026 .026 .026 .026 .026 .026 .026 .026 Germany dol. per reichsmark.. . 401 .402 .401 .400 .400 .400 .401 .401 .401 .401 .401 .401 .401 Italy dol. per lira. .053 .053 .053 .053 .053 .053 .053 .053 .053 .053 .053 .053 .053 Japan dol. per yen. .273 .287 .284 .280 .278 .274 .272 .272 .273 .273 .273 .273 .273 Netherlands dol. per guilder.. .533 .550 .546 .539 .544 .543 .544 .542 .536 .531 .531 .536 .532 Spain dol. per peseta.. .110 .057 .057 .052 .051 .051 .050 .046 0) 0) 0) .110 .110 Sweden dol. per krona.. .241 .254 .252 .248 .246 .243 .241 .240 .241 .241 .241 .241 .241 United Kingdom dol. per £ 4. 681 4.929 4.881 4.804 4.768 4.708 4. 670 4.669 4.686 4.685 4.681 4.681 4.682 Uruguay dol. per peso.. .616 .649 .642 .632 .627 .620 .615 .614 .616 .617 .616 .616 .616 Gold: Monetary stock, U. S mil. of dol.. 16,182 12,985 13,057 13, 441 13,940 14,162 14,416 14, 599 14, 778 15,014 15,509 15, 878 16, 028 Movement, foreign: Net release from earmark^ thous. of doL. -166, 212 -20,942 -28, 785 -13,255 -110,177 -7, 375 -62,387 14,106 -48, 553 10,720 -114,842 -251, 579 -102, 596 Exports do. 9 65 17 11 16 14 16 81 15 53 231 36 19 Imports do. 278, 645 63,880 165,990 520, 907 562, 382 177,782 240, 542 156,427 223, 296 365, 436 606,027 429, 440 240, 450 Production: \ Union of South Africa, total fine ounces.. 1,034,928 1,046,338 1,035,341 1,041,394 1,024,057 1.028,774 1,033,939 985,843 1,073,084 1,017,508 1,084,859 Witwatersrand (Rand) do 952, 995 962, 757 952, 602 960, 561 944,035 946, 895 953, 916 910, 084 989, 974 938, 961 1,000,181 Receipts at mint, domestic (unrefined).-do 281, 317 305, 487 286. 493 301, 593 277, 500 333, 027 235, 337 233,806 195, 780 209, 778 227, 642 219,161 201,111 Currency in circulation, total mil. of dol_. 7,051 6,464 6,482 6,570 6,750 6,888 6,712 6,697 6,764 6,867 6, 919 6,966 Silver: Exports § thous. of dol 640 193 401 1,463 1,259 823 1,344 1,671 2,054 1,923 2,054 611 303 Imports.. do.. 5, 531 18, 326 4,9S5 24,098 25, 072 24,987 21, 533 10, 328 9,927 7,207 7,143 6,152 14, 770 Price at New York dol. per fine oz._ .349 .428 .428 .428 .428 .428 .428 .428 .428 .428 .428 .428 .420 Production, world thous. of fine oz. 24, 071 25, 619 20, 064 20,154 16,159 19,511 19,108 21, 822 20,070 17, 469 Canada do._. 2,112 2,528 2,202 2,400 2,023 1,552 1,575 1,454 1,637 1,411 1,559 1,766 Mexico do... 9,019 9,224 4,486 4,160 2,781 4,922 4,281 6,794 4,906 2,515 United States do... 4,530 5,596 5,073 5,441 2,879 4,624 4,669 5, 268 5,067 5,336 3,761' "5," 493 Stocks, refinery, end of month: United States do... 7,843 7,887 6,396 6,824 4,492 2,409 4,075 4,806 7,432 8,669 9,903 4,935 Canada do... 355 488 552 611 633 676 652 615 255 167 316 CORPORATION PROFITS (Quarterly) Federal Reserve Bank of New York: Industrial corporations, total (167 cos.) mil. of dol.. 61.8 187.0 153.3 Autos, parts, and accessories (28 cos.).do <*6.2 78.4 69.5 Chemicals (13 cos.) do 24.2 .1 31.7 Food and beverages (19 cos.) do 19.9 20.4 15.8 Machinery and machine manufacturing (17 cos.) mil. of doL. 4.1 5.6 6.2 Metals and mining (12 cos.) do 1.5 4.1 2.1 Petroleum (12 cos.) do 10.7 4.7 4.5 Steel (11 cos.) do d7. 3 10.3 6.2 Miscellaneous (55 cos.) do 14.9 25.4 17.3 Telephones (91 cos.) (net op. income) do 50.5 56.5 56.4 Other public utilities (net income) (52 cos.) mil. of dol_- 54.5 Interstate Commerce Commission: Railways, class I (net income) do 3.4 d 43. 6 Standard Statistics Co., Inc. (earnings): Combined index, unadjusted*! 1926=100.. 38.5 76.7 60.4 p 61.2 Industrials (119 cos.) 34.4 69.3 65.0 v 68.7 Railroads (class l)0t 2.0 31.9 * 25.4 *>d 29. 3 Utilities (13 cos.) 90.7 123.0 124.7 v 116.1 Combined index, adjusted*t 38.4 76. 62.4 P56. 5 Industrials (119 cos.) 32.2 79.0 68.7 » 60.7 Railroads (class l)*t 1.5 29.2 * 19.8 P d 24. 6 Utilities (13cos.) do 104.8 113.2 113.4 v 118.5 PUBLIC FINANCE (FEDERAL) Debt, gross, end of mo mil. of dol.. 40, 661 37,194 37, 596 38, 395 38, 426 38,607 39,439 39, 641 39,864 39, 990 • 40,068 40, 282 40, 440 Public issues: Interest bearing* do 36,196 33,834 34,112 34, 920 34, 950 34,981 35, 755 35,892 35, 949 35, 994 36,038 36,085 36,116 Noninterest bearing* do 548 549 541 543 526 535 528 534 533 543 538 531 554 Special issues to gov't agencies and trust funds* mil. of dol - _ 3,918 2,810 2,943 2,933 2,949 3,090 3,156 3,215 3,382 3,454 3,492 3,770 Obligations fully guaranteed by the U.S. Gov- ernment :c? Amount outstanding by agencies, total. mil. of doL. 5,480 5,064 5,015 5,009 5,001 4,993 4,992 4,987 5,410 5,410 5,410 5,409 5,450 Federal Farm Mortgage Corporation-do 1,379 1,410 1,410 1,404 1,395 1,388 1,388 1,383 1,381 1,381 1,380 1,379 1,379 Home Owners' Loan Corporation do 2,958 2,937 2,888 2,888 2, 888 2,888 2,888 2,888 2,888 2,888 2,888 2,888 2,928 Reconstruction Finance Corporation.do 820 510 511 511 511 511 509 509 819 819 819 820 820 Expenditures, total, including recovery and relieff thous. of dol__ 807, 325 762, 697 682,823 764, 509 770,311 678, 588 870, 278 693, 385 662,464 879, 300 786, 517 744, 899 972, 569 General (including recovery and relief)* tdo 639 232 622,146 622, 580 696,115 716,036 622,500 809, 351 649, 573 601, 971 796,139 722.342 686,824 886,856 Revolving funds, net* do ' 856 5,308 12,743 10,249 r 9,003 ' 6, 842 ' 3, 742 ' 4,685 10,365 5,599 7,992 7,451 8,474 Transfers to trust accounts* do 167,103 135,107 47, 500 44, 500 43, 500 48, 500 48, 500 38,500 50,000 68,000 55,000 50, 094 56, 004 Debt retirements* do 134 137 0 13, 645 1,772 745 8,685 626 127 9,562 1,182 530 21, 235 Receipts, totalf do 307, 846 311,092 487,487 710,603 331, 965 381,644 704,494 308,152 417,349 737,391 268.343 396, 781 612, 522 Customs do 25, 528 23,101 28,673 28, 590 30, 797 27,338 25,121 24, 318 22, 361 29, 266 29,437 25, 318 24, 517 Internal revenue do 300.091 350,426 362, 286 682, 544 315,061 304,572 662, 252 315,845 333,518 691,401 279,987 315, 037 568, 646 Income taxes do 43,230 41,606 33, 978 487,132 41,078 35, 912 473, 804 50,764 56,872 495,906 38,832 43, 533 351, 958 Social security taxes* do 72, 754 77, 707 85. 736 2,864 81, 508 81,979 2,939 125,870 3,855 69, 684 93, 044 16, 252 r Revised. d Deficit. *> Preliminary. ^Or increase in earmarked gold (—). •Number of companies included varies slightly. 1 Quotations not available January 25-May 14, 1939. 2 Quotations not reported April 10, 1939, through June 8, 1939. *New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue. fRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939 Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey. §Revised series. Data revised for 1937, see table 19, p. 14 of the April 1939 Survey. cfTotal includes $206,174,000 in guaranteed debentures of the Commodity Credit Corporation beginning with May 1938. Also included is a small amount of guaranteed debentures of the Federal Housing Administrator, and in Feb. 1939, $114,146,000 for the U. S. Housing Authority which amount was increased to $114,157,000 beginning with Mar. 1939. {"General" and "recovery" relief not reported separately by Treasury Department after June 1939. September 1939 SURVEY OF CURRENT BUSINESS 33

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the July July Sep- Novem- Decem- Janu- Febru- April May 1938 Supplement to the Survey tember October ber ber ary ary March June FINANCE—Continued

PUBLIC FINANCE (FEDERAL)-Con'd. Beceipts, total—Continued. Internal revenue—Continued. Taxes from: Admissions to theaters, etc.-thous. of doL. 1,534 1,619 1,425 1,669 1,596 1,985 2,020 1,564 1, 503 1,607 1,385 1, 606 1,491 Capital stock transfers, etc do 813 1,429 2,052 1,021 1,188 2, 226 1, 754 1, 650 1,394 1,083 1,259 1,273 735 Sales of radio sets, etc do 292 305 400 345 466 568 593 57" 404 353 287 279 258 Government corporations and credit agencies:f Assets, other than interagency, total mil. of doL. 11,365 11,317 11,319 11,359 11,335 11,451 11,515 11, 650 11, 696 11, 688 11, 703 11, 706 Loans and preferred stock, total do 8,452 8,476 8,496 8,507 8,502 8,562 8,527 8, 509 8,523 8,497 8,511 8,465 Loans to financial institutions find, preferred stock) mil. of dol— 1,357 1,333 1, 327 1,321 1,344 1, 314 1,291 1,278 1,292 1,297 1,311 Loans to railroads do 475 491 495 ••502 503 511 512 508 505 509 501 493 Home and housing mortgage loans_.do 2,346 2,340 2,335 2,330 2,326 2,335 2,329 2,327 2, 324 2,323 2,325 2,331 Farm mortgage and other agricultural loans mil. of dol— 3,466 3,491 3,499 3, 494 3,486 3,486 3,469 3, 460 3,456 3,459 3,447 All other do 807 821 837 854 865 886 902 923 960 913 941 892 U. S. obligations direct and fully guaranteed mil. of dol— 834 837 843 844 845 855 868 874 885 849 850 853 Business property do 432 438 447 451 452 456 460 465 468 472 476 481 Property held for sale do 670 666 667 673 679 689 698 708 712 712 713 708 All other assets do 979 901 866 883 856 889 961 1,095 1,108 1,157 1,151 1,199 Liabilities, other than interagency, total, do 7,229 7,129 7,112 7,075 7,016 7,048 7,117 7,588 7,592 7, 592 7,581 7, 651 Bonds, notes, and debentures: Guaranteed by the U. S do 5,064 5,001 5,010 5,001 4,992 4,987 5, 410 5,410 5,410 5,410 5,471 Other do.— 1,378 1,372 1,365 1,352 1,323 1,317 1,327 1,369 1,374 1,379 1,382 1,389 Other liabilities inch reserves do 786 755 737 722 700 739 757 809 808 803 790 791 Privately owned interests do 372 374 377 379 382 381 383 384 386 387 389 387 Proprietary interests of the U.S. Government mil. of dol-. 3,764 3,815 3,830 3,905 3,936 4,022 4,015 3,678 3,718 3,709 3,732 3,668 Reconstruction Finance Corporation, loans outstanding, end of month:f Grand total thous. of dol__ 1,775,788 1,671,455 1,689,212 1,707,018 1,735,100 1,750,088 1,808, 504 1,770,930 1,766,111 1, 782,3881, 722, 5071,727,285 1,752,928 Section 5 as amended, total do 678, 491 647, 034 652, 527 661, 586 679,078 689,533 708, 484 666,999 664,107 674, 555 683, 218 677, 468 679, 278 Banks and trust companies, including receivers thous. of dol— 103,857 132, 072 129, 706 127, 126, 884 124, 427 120,778 118, 067 116,120 113, 873 111,044 108,834 104, 872 Building and loan associations do 3,263 2,218 2,194 2,126 2,093 2,029 1,908 1, 959 1,921 1, 962 2, 962 3, 037 3,328 Insurance companies do 2,799 3,526 3,510 3,481 3,459 3,008 2,992 2,964 2, 915 2,901 2,871 2,854 2, 832 Mortgage loan companies do 126,126 100, 232 96, 287 103, 204 114, 741 126, 416 140, 644 100,280 101,216 110,587 117,326 121,075 125,372 Railroads, incl. receivers do 438, 863 398,304 414, < 419, 364 426, 046 428, 041 436, 094 437, 789 436,139 439,560 443, 840 436, 612 439,199 All other under Section 5 do 10, 681 5,901 5,611 5,673 5,175 5,056 3,675 Emergency Relief and Construction Act, 3,583 5,943 5,855 6,067 5,940 5,797 total, as amended thous. of dol— 186,1 198,309 205,848 204,811 131, 389 134, 496 63, 708 Self-liquidating projects (including financ- 62,164 199,691 205,913 201, 604 207,948 205, 598 ing repairs) thous. of dol— 185,893 187, 365 190,105 181,028 107, 578 108, 995 39,464 Financing of exports of agricultural sur- 40,119 188, 748 190,152 180,862 182,149 181,814 pluses thous. of dol— 47 10,047 15, 047 23, 047 23, 047 24, 737 23,480 Finaneing of agricultural commodities 21,290 10, 047 15, 047 20, 047 25, 047 23,047 and livestock thous. of dol__ 737 764 764 764 Direct loans to business (incl. participa- 755 896 715 752 738 tions) thous. of doL- 81,016 85,024 103, 287 107, 412 112,048 112, 531 114,498 117, 079 Total Bank Conservation Act, as amended 121, 804 91, 634 97,945 109,039 110,432 thous. of dol-. 578, 431 554, 686 552, 407 549,484 547, 462 585,106 579,388 576,023 576,117 579, 774 580, 238 580,887 Drainage, levee, irrigation, etc.* do 83, 359 79,511 79,376 551, 269 79,663 80,834 80,991 82, 276 82, 461 82, 757 82, 966 83, 084 83,109 251,539 122, 370 121, 569 79, 584 123, 017 123,124 124,907 125, 280 127,489 132,100 132, 629 137, 476 228, 867 Other loans . _ do 123, 254 CAPITAL FLOTATIONS New Security Registrationsi (Securities and Exchange Commission) New securities effectively registered under the Securities Act of 1933, total.... thous. of dol 232, 712 223, 897 394, 433 125, 207 411, 878 303, 280 144, 62 139,672 21, 676 86,286 307, 754 57, 062 275, 409 Estimated gross proceeds (total registration, less securities reserved for conversion), total thous. of dol~ 227, 545 222, 595 315, 968 106, 767 405, 063 249,9 °140, 709 139,075 21, 366 69,242 277, 657 55, 588 271, 720 Type of security: Common stock do 16,385 19, 443 26, 477 20,932 14, 423 51,526 23,124 5, 927 9, 645 12,393 47,438 20, 473 r 29, 307 Preferred stock do 48, 305 2, 962 4, 557 7, 697 4, 438 21,441 18, 566 38, 762 2, 70: 1,741 27, 900 22, 260 12, 675 Certificates of participation, etc. .1" do 10, 759 51,510 18. 431 23, 038 8, 179 10,354 12, 968 22, 573 3. 875 4, 008 1, 766 3, 406 10, 586 Secured bonds do 39, 675 64,181 169,262 350 267, 093 46, 865 57, 413 900 5,139 28, 488 116.991 9, 449 144, 872 Debentures and short-term notes..—I"dol... 112,421 84, 500 97, 240 54, 750 110, 930 119,804 16, 061 70,913 0 22,613 83, 562 0 74, 279 Type of registrant: Extractive industries do 702 0 417 6, 341 377 4,548 8,281 523 0 280 342 234 12, 289 Manufacturing industries do 88, 942 117,69,? 38, 319 59, 681 57, 226 31,981 11,096 7, 2001 6,821 35, 76o 146, 450 3, 779 93, 097 Financial and investment l"lldo'."-~— 24,162 68,253 29,956 39,944 70, 787 42, 528 36,639 22, 3901 6. 060 4,758 6,271 17, 024 21, 941 Transportation and communications do 28, 834 29,978 0 0 0 4,239 0 0 1,827 0 5,305 250 3,921 Electric light and power, gas, and water thous. of dol— 82, 914 3, 255 243, 412 0 275,173 103, 219 82, 280 108,512 5, 090 27,506 117,712 31, 605 124,971 Other___ do 1, 992 3,415 3,864 800 1,500 63, 475 2,414 450 969 935 1,577 2,696 15, 500 Securities not presently intended to be offered for cash sale for account of registrants: Registered for account of others 1,999 5,992 3,135 971 4,862 11, 525 3,777 13, 549 thous. of dol.. 310 4,278 1,673 7,334 10, 215 Registered for options and for other subse- 280 2,288 23,114 56 0 23,931 0 420 170 2,086 219 3,192 quent issuance thous. of dol. . Other securities not intended for cash 37,178 13 5 169 45,311 204 3,615 1,930 28,379 20, 365 2,068 sale thous. of dol— Selling and distributing expenses: 5,006 7, 761 6,675 5,412 8,293 6,287 4,387 4,013 1,190 2,767 4,679 2,128 6,678 Commissions and discounts thous. of dol Other selling and distributing expenses 942 1,051 2,088 881 2,016 1,180 681 904J 215 627 1,443 235 1,621 thous. of doL- r Revised. « The total includes $12,576,000 of face amount installment certificates. •[Series differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, bur data as shown on p. 33 of the August 1939 Survey are comparable throughout. When earlier data are available on the new basis, they will be presented in the Survey. *New series. Data for drainage, levee, irrigation, and similar districts, beginning December 1933 not shown above will appear in a subsequent issue of the Survey; this series was formerly included with "Other loans." fRevised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury Depart- ment compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out, but no changes have been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance Corpora* tion loans outstanding, minor revisions beginning August 1934 will appear in a subsequent issue. 34 SURVEY OF CURRENT BUSINESS September 1939

CAPITAL FLOTATIONS—Cont'd New Security Registrations—Cont'd.l (Securities and Exchange Commission) Estimated gross proceeds (total registrations less securities reserved for conversion)—Con. Estimated cash proceeds to be used for: Total thous. of dol.. 182, 211,172 279, 808 94, 257 347, 770 211,052 125, 424 131,022 14,956 229, 546 28,865 244, 611 Organization development do 65 490 90 858 1,920 291 202 190 25 857 Purchase of: 26 Plant and equipment* do 10, 108,238 42,330 50,306 10,139 38,017 10,142 1,915 3,453 1,936 213 7,469 Other assets do 8 0 667 0 0 180 0 13 24 92 32 Securities for investment do 62,979 27, 241 31,654 21, 745 38,375 27, 669 20,399 2,416 3,629 15,278 11,756 Securities for affiliation do 0 40 123 0 798 0 0 0 0 46 194 Increase of working capital do 5,503 5,029 5,625 8,716 2,997 8,400 1,675 4,239 70, 605 r 3, 643 22, 824 Ketirement of preferred stock do 25,053 13,819 0 447 18,168 10,494 35, 523 0 1,034 239 100 Repayment of bonds and notes do 1, 505 175,812 180 270, 494 88,743 64, 567 69,058 3,303 36, 147,471 8,641 187,648 Repayment of other indebtedness. _do 7,860 15, 436 5,012 36,139 36 2,036 r 2, 161 1,331 4,629 561 5,047 r126 8,684 Miscellaneous do 0 37 200 0 23,060 16 0 2 28 Securities Issued (Commercial and Financial Chronicle)] Securities issued, by type of security, total (new capital and refunding) thous. of dol_. 585,732 469, 697 417.936 238, 368 766,188 395,808 529,182 277,339 540,723 239,929 355,941 ,312,257 604, 380 New capital, total do 317,525 390,633 182,286 146,033 166,908 220,893 241,001 220,531 377, 550 162,272 142, 621 116,873 292,576 Domestic, total do 317,525 390,133 181,836 146, 033 166, 908 195,893 241,001 200, 531 377, 550 162, 272 142,171 116,873 283, 326 Corporate, total do 49, 464 130, 276 127,014 84, 937 63,922 43,521 59, 544 5,827 23, 571 52,979 77,060 21,240 30, 241 Bonds and notes: Long term ...do 40, 290 127,826 123,304 83,099 61, 484 37,385 43,995 2,300 16, 722 42,809 46, 533 17,928 21,128 Short term do 0 600 0 0 300 40 0 2,600 0 0 0 0 450 Preferred stocks _do 4,908 0 3,143 820 1, 950 1,344 11, 752 0 1,278 '936 1,020 1,970 5,579 Common stocks do 4,266 1,850 567 1,018 188 4,753 3,798 927 5,571 r 9, 234 29, 507 1,092 3,084 Farm loan and other government agencies thous. of doL. 202, 553 216,450 0 8,400 0 0 55,000 118,146 310,090 4,325 1,950 1,550 0 Municipal, States, etc do. 65, 508 43, 407 54,822 52, 696 102,986 152,373 126,457 76, 557 43,890 104,968 63,161 94, 083 253,085 Foreign, total do. 0 500 450 0 0 25,000 0 20,000 0 0 450 0 9,250 Corporate do. 0 0 0 0 0 0 0 0 0 0 0 0 0 Government do. 0 0 0 0 0 25,000 0 20,000 0 0 0 0 9,250 United States possessions do. 0 500 450 0 0 0 0 0 0 0 450 0 0 Refunding, total do 268, 207 79.064 235, 650 92, 335 599,280 174,914 288,181 56,809 163,173 77,658 213, 320 ,195,383 311,804 Domestic, total do. 268, 207 79,064 235, 650 92, 335 599, 280 134,914 285, 556 56,809 163,173 74, 658 160,820 ,179,633 311,804 Corporate, totaL._ .do. 176, 523 55, 545 211,141 65,136 274, 237 107,702 250,493 10,386 136,115 129,249 151,002 251, 798 Bonds and notes: Long term do. 128, 365 55, 545 211,141 64, 956 273, 706 85, 266 239,520 5,200 101, 286 46,366 105,913 126,102 249,463 Short term do. 9,000 0 0 0 0 4,000 0 5,000 0 0 0 4,500 0 Preferred stocks do. 39,158 0 0 180 0 18,436 10,974 0 34,829 200 23,336 20,400 2,336 Common stocks do. 0 0 0 0 531 0 0 186 0 123 0 0 0 Farm loan and other Government agencies thous. of dol. 74, 050 20, 250 13, 500 5, 600 322, 862 21, 700 20, 250 19, 250 17,050 15,023 20, 750 ,021,414 20,950 Municipal, States, etc do 17, 634 3,269 11, 009 21, 599 2,181 5,513 14, 813 27,172 10,008 12, 946 10, 820 7,217 39,055 Foreign, total do 0 0 0 0 0 40,000 2,625 0 0 3,000 52, 500 15,750 0 Corporate do 0 0 0 0 0 0 0 0 0 0 52,500 10,500 0 Government do 0 0 0 0 0 40, 000 0 0 0 3,000 0 5,250 0 "United States possessions do 0 0 0 0 0 0 2,625 0 0 0 0 0 0 Securities issued by type of corporate borrower, total thous. of dol._ 225, 987 185, 821 338,155 150,073 338,159 151, 223 310,038 16,213 159, 686 99, 668 258,809 • 182, 742 282, 039 New capital, total do 49, 464 130, 276 127,014 84, 937 63, 922 43. 521 59,544 5,827 23,571 52, 979 77,060 r21, 240 30,241 Industrial do 9,864 120,365 69, 550 80, 838 40, 561 18, 284 48, 801 1,027 20,171 18, 572 75, 981 3,987 12,198 Investment trusts, trading, and holding companies, etc thous. of dol_. 0 100 3.000 0 0 0 0 500 0 0 500 0 0 Land, buildings, etc do 1,186 107 1,350 747 1,420 240 394 630 375 0 0 100 0 Public utilities do 25, 892 9, 704 49,965 2,612 20,441 21,2S5 6,461 1,170 2,475 4,202 579 403 12, 666 Railroads do 12, 435 0 3,148 740 0 0 0 0 0 30,135 0 1,500 2,700 Shipping and miscellaneous do 88 0 0 0 1,500 3,712 3,888 2,500 550 71 0 ' 15, 250 2,677 Refunding, total do 176,523 55, 545 211,141 65,136 274,237 107,702 250,493 10,386 136,115 46,689 181,749 161,502 251,798 Industrial do 95, 875 5, 500 41, 659 16,180 14, 458 44, 656 56, 404 3,986 12 15, 301 60,175 2,000 79, 810 Investment trusts, trading, and holding companies, etc thous. of doll 0 0 0 0 0 0 0 0 0 0 12,755 0 0 Land, buildings, etc do 51 4,000 100 7,132 120 0 416 850 86 0 720 202 830 Public utilities do.... 77, 122 46, 045 169, 382 41, 824 259, 659 63,046 139, 795 300 111, 029 31,388 106, 500 154,400 160,185 Railroads _do__. 0 0 0 C 0 0 46, 378 5,000 12,000 0 4,900 9,438 Shipping and miscellaneous do 3, 475 0 0 0 0 0 7,500 250 1,500 0 0 0 1,536 (Bond Buyer) State and municipal issues: Permanent (long term) ....thous. of doL. 89,400 50, 649 67,202 86,959 132, 234 169, 736 128,654 104,966 60, 409 • 49,336 77,513 r 114,854 206,490 Temporary (short term) . -do__. 60,687 142, 760 53, 684 89, 347 154, 875 47,031 43,764 88, 656 170, 769 92, 336 105, 332 '110,110 65,820 COMMODITY MARKETS Volume of trading in grain futures: Wheat mil. of bu,_ 669 725 764 701 380 336 325 300 168 202 326 721 536 Corn do... 183 180 206 139 133 147 138 104 71 81 106 137 133 SECURITY MARKETS Brokers' Balances (N. Y. S. E. members carrying margin accounts) Customers' debit balances (net) mil.ofdoL 839 843 864 905 939 991 971 953 831 828 834 Cash on hand and in banks do 183 209 200 213 196 189 190 192 168 190 183 178 Money borrowed do... 589 528 571 559 617 662 754 713 709 699 579 561 570 Customers' free credit balances ...do... 238 284 272 25' 270 252 24' 235 222 225 236 230 230 r Revised. 1 See footnote marked "1" on p. 33. • Includes reimbursement of corporate treasuries for capital expenditures. t Revised series. Data revised beginning January 1937; see table 26 on pp. 15 and 16 of the May 1939 survey. September 1939 SUEVEY OF CURRENT BUSINESS 35

SECURITY MARKETS-Continued Bonds Prices: Average price of all listed bonds (N. Y. S. E.) dollars. _ 93.15 90.19 89.40 90.67 90.34 91.27 91.03 91.85 91.80 91.56 92.92 92.08 Domestic do 96.46 93.32 92.53 92.10 93.70 93.33 94.35 94.25 95.01 94.99 94.83 96.09 95. 34 Foreign do 58.46 60.76 59.89 59.72 61.20 61.02 60.11 58.55 59.68 58.43 57.40 59. 73 57.79 Standard Statistics Co., Inc. (60 bonds) dol. per $100 bond.. 81.6 81.3 78.7 81.8 82.1 81.1 81.9 82.1 83.1 79.4 80.2 81.4 Industrial (20 bonds) do. 86.3 85.0 85.7 84.2 86.8 86.9 86.0 86.2 86.4 87.1 83.8 84.8 86.2 Public utilities (20 bonds) do. 102.1 97.3 98.1 96.3 98.6 99.3 98.7 99.7 100.7 101.3 99.7 101. 0 101.6 Eails (20 bonds) do. 56. 4 60.2 60.0 55.7 59.9 60.2 58.6 59.7 59.0 60.9 54.5 54.8 56.2 Domestic municipals (15 bonds) do 118.3 114.2 115.2 111.7 115. 2 116.6 116.5 117.3 117.3 117.9 116.4 118.1 118.6 U. S. Treasury bondsf do... 108. 9 103.8 104.0 103.0 104.3 104.0 104.1 104.4 104.8 106.0 106.6 108.3 109.1 Sales (Securities and Exchange Commission): Total on all exchanges: Market value thous. of dol 121,420 157,370 117,162 110,826 166,812 139,760 146,188 157,278 126,687 179,440 119,057 125, 737 127,703 Face value do.. 162, 425 232,147 161,552 148,992 237,245 207, 719 259,364 224,622 166,855 245,123 165,925 167, 691 169, 641 On New York Stock Exchange: Market value thous. of doL. 87,837 127,133 93,667 92,923 133,469 107,389 116,550 119,160 86,903 137,021 92,210 93,060 91,785 Face value do 123,949 194,877 130,647 126,207 195,775 169,415 221,469 178,731 121,222 195,394 133,554 130,243 129, 260 Sales on N. Y. S. E., exclusive of stopped sales (N. Y. S. E.) par value: Total thous. of dol.. 119,431 178,265 120,363 133,954 185,179 155,868 217,609 159,611 118,993 185,513 122,804 123,104 126, 570 U. S. Government do 7,518 6,161 17,163 7,673 4,419 6,535 7,581 4,871 11,889 7, 459 7,390 6,821 Other than U. S. Government: Total do___. 170,747 114,202 116,791 177,506 151,449 211,074 152,030 114,122 173,624 115,345 115, 714 119,749 Domestic do 152,580 96,692 94,417 155, 698 130,133 185,528 131,490 96,722 139,909 93,396 98, 423 102,189 Foreign do 18,167 17, 510 22,374 21,808 21,316 25, 546 20,540 17,400 33,715 21.949 17, 291 17, 560 Value, issues listed onN.Y. S. E.: Face value, all issues mil. of dol_. 52,610 49,409 49,424 50,331 50,225 50,301 51, 554 51, 587 51,466 52,670 52,564 52, 647 52,751 Domestic issues do 48, 032 44, 657 44,676 45,649 45,546 45,640 46,920 46,933 46,862 48,071 47,975 48,056 48,166 Foreign issues do 4, 578 4,752 4,748 4,682 4,679 4,661 4,634 4,654 4,604 4,599 4,589 4, 591 4, 585 Market value, all issues do 49, 007 44, 561 44, 183 44,837 45, 539 45,442 47,053 46,958 47, 271 48,352 48,128 48,921 48,571 Domestic issues do 46, 331 41, 674 41,339 42,041 42,675 42,597 44,268 44, 233 44,524 45,665 45,493 46,179 45, 921 Foreign issues do... 2,676 2,887 2,844 2,796 2,864 2,844 2,785 2,725 2,748 2,687 2,634 2,742 2, 649 Yields: Bond Buyer: Domestic municipals (20 bonds)...percent. 2.67 3.01 2.88 2.98 2.90 2.83 2.78 2.76 2.80 2.72 2.78 2.66 Moody's: Domestic (120 bonds) do... 3.66 4.17 4.09 4.17 4.03 3.95 3.95 3.86 3.81 3.74 3.84 3.78 3.71 By ratings: Aaa (30 bonds) do... 2.89 3.22 3.18 3.21 3.15 3.10 3.08 3.01 3.00 2.99 3.02 2.97 2.92 Aa (30 bonds) do 3.07 3.62 3.57 3.60 3.53 3.46 3.42 3.32 3.26 3.22 3.22 3.16 3.13 A (30 bonds) do... 3. 83 4.21 4.13 4.20 4.08 4.02 4.02 3.97 3.94 3.87 3.97 3.92 - 3. 86 Baa (30 bonds) do... 4.84 5.63 5.49 5.65 5.36 5.23 5.27 5.12 5.05 4.89 5.15 5.07 4.91 By groups: Industrials (40 bonds) do... 3.17 3.48 3.43 3.50 3.43 3.39 3.40 3.31 3.29 3.29 3.35 3.30 3.23 Public utilities (40 bonds) do... 3. 39 3.79 3.76 3.82 3.73 3.65 3.63 3.57 3.52 3.48 3.51 3.45 3.42 Eails (40 bonds) do.._ 4.42 5.25 5.09 5.18 4.83 4.82 4.70 4.63 4.46 4.66 4.60 4.47 Standard Statistics Co., Inc.: Domestic municipals (15 bonds) do___ 2. 65 2.87 2.82 3.02 2.82 2.74 2.75 2.70 2.70 2.67 2.75 2.66 2.63 U. S. Treasury bondsf do... 2.16 2.52 2.51 2.58 2.48 2.50 2.49 2.47 2.44 2.34 2.30 2.17 2.13 Stocks Cash dividend payments and rates (Moody's): Annual payments at current rates (600 companies) mil. of dol_. 1,391.46 1, 288.80 1, 295. 20 1, 293.92 1, 293. 59 1, 328.16 1, 315. 04 1, 316. 25 1, 329.91 1,334.15 1, 337. 76 1,339.27 1,382.43 Number of shares, adjusted millions,. 935. 03 929.10 929.10 929.10 929.10 929.10 935. 03 935. 03 935.03 935.03 935.03 935.03 935.03 Dividend rate per share (weighted average) (600 cos.) dollars. 1.49 1.39 1.39 1.39 1.39 1.43 1.41 1.41 1.42 1.43 1.43 1.43 1.48 Banks (21) do... 3.01 3.00 3.00 3.00 3.00 3.00 3.01 3.01 3.01 3.01 3.01 3. 01 3.01 Industrials (492 cos.) do... 1.38 1.23 1.24 1.24 1.24 1.29 1.28 1.28 1.30 1.30 1.31 1.31 1.37 Insurance (21 cos.) ...do 2. 39 2.24 2.24 2.24 2.24 2.24 2.31 2.31 2.31 2.31 2.33 2. 33 2.39 Public utilities (30 cos.) do... 1. 94 1.94 1.94 1.93 1.93 1.94 1.92 1.91 1.91 1.92 1.92 1.92 1.94 Rails (36 cos.) do__. .87 1.09 1.09 1.09 1.09 1.05 .85 .90 .90 .90 .90 .90 .90 Dividend declarations (N. Y. Times): Total thous. of doL 181,033 167,170 240,965 185,428 180,506 509,160 247, 569 194,118 186,095 154,076 377, 394 220,175 Industrials and misc do... 167,16' 157,175 230, 994 182, 735 169, 901 486, 396 229,916 181, 480 289, 412 182, 522 147, 635 358,417 200, 698 Railroads do.__ 13, 866 9,995 9,970 2,693 10,605 22, 765 17, 653 12, 638 14, 427 3,573 6,440 18, 976 19,477 Prices: Average price of all listed stocks (N. Y. S. E.) Dec. 31,1924=100 62.2 62.2 60.6 60.6 65.4 64.1 66.2 62.6 64.4 57.0 56.6 60.2 57.0 Dow-Jones & Co., Inc.: (65 stocks) dol. per share- 46. 82 46.05 46.13 43.98 49.64 50.32 49.32 49.13 48.68 48.99 42.68 44.43 45. 66 Industrials (30 stocks) _. do 139.26 139. 47 140.97 137.04 150. 36 151. 96 150.12 146. 87 144.60 145.06 127. 73 132. 56 136. 52 Public utilities (15 stocks) do... 24. 96 21.64 20.01 18.49 22.92 23.35 21.94 23.30 24.94 24.84 22. 05 23.05 23. 66 Rails (20 stocks) do.. 28.29 28.16 28.49 25.62 30.62 31.29 30.52 31.20 30.31 31.07 25.75 27.02 27.59 New York Times (50 stocks) do,.. 99.74 98.90 99.74 95.68 106. 81 105. 29 105. 36 102. 73 102. 22 100. 59 90.46 94.19 96 95 Industrials (25 stocks) do___ 178. 03 175. 95 177. 53 171. 70 189. 69 186.99 186. 99 181. 82 181. 21 178. 01 161.51 167. 73 173.12 Railroads (25 stocks) —do... 21.45 21.85 21.95 19.68 23.95 23.59 23.74 23.64 23.24 23.18 19.41 20.67 20.79 Standard Statistics Co., Inc.: Combined index (420 stocks) 1926=100. 86.1 88.0 89.5 86.0 91.1 94.7 92.0 91.8 90.1 91.7 81.9 83.1 86.0 Industrials (350 stocks) do ._ 100. 6 105.3 108.0 103.9 109.6 113.6 110. 109.3 106.3 108.0 95.9 97.0 100. 5 Capital goods (107 stocks)* do... 120.9 127.8 129.3 126.1 136. 142.6 139.4 136.4 130.9 133.3 115.4 115.5 120.0 Consumer's goods (194 stocks)*. _.do... 96.2 92.2 97.0 94.0 98.7 102.1 98.5 97.8 96.5 98.7 88.7 91.5 95.4 Public utilities (40 stocks). do 84.9 76.5 75.0 72.2 77.4 80.9 77.9 81.2 83.8 85.8 80.0 82.4 84.7 Rails (30 stocks) do... 27.3 27.8 25.5 28.1 30.0 28.8 29.8 28.0 29.7 24.8 25.0 25.9 Other issues: 25.7 Banks, N. Y. C. (19 stocks) do... 51.2 49.9 46.7 51.0 49.6 47.7 50.0 51.1 53.5 50.4 53.7 55.2 Fire and Marine insurance (18 stocks) 55.0 do... 85.5 85.5 82.8 87.0 87.4 85.3 86.1 85.7 87.0 81.0 84.3 89.3 Sales (Securities and Exchange Commission): 89.8 Total on all exchanges: Market value mil. of dol. 774 1,621 943 1,573 1,306 1,225 1,129 655 1,058 882 603 556 Sharessold thousands. 30, 89: 70,651 40,515 40,542 67, 924 53, 496 52,913 47,393 26,057 40,384 42, 614 23,131 21, 916 r Revised. •New series. For data beginning 1926 see table 24, p. 18, of the April 1939 Survey. fRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18, of the March 1939 Survey. 36 SURVEY OF CURRENT BUSINESS September 1939

SECURITY MARKETS—Continued Stocks—C ontinued Sales (S. E. C.)—Continued. Total, on all exchanges—Continued. On New York Stock Exchange: Market value mil. of dol__ 677 1.474 891 850 1,397 1,157 1,065 986 561 916 779 523 474 Shares sold thousands, „ 24, 519 57, 636 32,151 32,035 54, 625 41, 923 39,954 37,051 19, 538 31,150 33, 775 17,897 16, 050 Exclusive of odd lot and stopped sales (N. Y. Times) thousands.. 18,0(36 38,762 20,723 23,826 41, 561 27,923 27,490 25,186 13,877 24,565 20, 247 12, 933 11,967 Shares listed, N. Y. S. E.: Market value, all listed shares mil. of dol_. 44, 762 44,784 43, 526 43, 527 47,002 46, 081 47, 491 44, 884 46,271 40,921 40,673 43,230 41, 005 Number of shares listed milions— 1,430 1,427 1,425 1,425 1,426 1,427 1,424 1,425 1,426 1,427 1,427 1,427 1,429 Yields: Moody's, common stocks (200) percent.. 4.1 3.7 3.8 3.8 3.8 3.6 3.8 3.7 4.2 4.2 4.0 4.4 Banks (15 stocks) do 4.4 4.7 .4.9 5.0 4.8 5.0 4.8 4.8 4.6 4.8 4.8 4.4 4.5 Industrials (125 stocks) do.--. 3.8 3.1 3.3 3.2 3.0 3.3 3.1 3.4 3.3 3.8 3.9 3.7 4.1 Insurance (10 stocks) do 4.0 4.0 4.0 4.1 3.9 4.1 4.1 4.0 4.3 4.4 4.1 4.2 Public utilities (25 stocks) do 5.2 6.1 6.2 6.2 5.7 5.9 5.7 5.6 5.3 5.8 5.7 5.4 5.7 Rails (25 stocks) do 3.5 4.1 4.4 4.5 3.9 3. 6 2.9 3.5 3.2 3.9 4.0 3.7 4.1 Standard Statistics Co., Inc., preferred stocks: Industrials, high-grade (20stocks)...percent. 5.17 5.07 5.08 4.92 4.94 4.94 4.94 4.92 4.99 4 94 4.87 Stockholders (Common Stock) American Tel. & Tel. Co., total number,. 648,056 646,671 645,033 642, 293 Foreign do 7,180 7,173 7,153 7,104 Pennsylvania Railroad Co., total do 216, 847 214, 532 213,143 212, 358 Foreign do... 2,92! 2,874 2,853 2. 832 U. S. Steel Corporation, total do_. 171,198 168, 399 167, 650 169, 079 Foreign do._ 3,096 3,084 2,998 3, 288 Shares held by brokers percent of total 23.65 24.89 24.78 25.54 T FOREIGN TRADE

INDEXES Exports: Total value, unadjusted 1923-25=100. 61 65 73 66 71 70 66 62 Total value, adjusted do.._ 66 62 58 67 70 70 70 U. S. merchandise, unadjusted: Quantity do_._ 96 102 116 107 111 113 107 101 Value do-_- 61 65 74 67 71 71 66 63 Unit value do--_ 64 64 63 63 64 63 62 62 Imports: Total value, unadjusted do 51 52 55 55 53 55 59 58 63 55 Total value, adjusted do__. 53 55 54 55 54 55 53 53 61 Imports for consumption, unadjusted: Quantity 1923-25=100. 102 102 104 99 99 100 112 107 111 102 Value do.-. 54 54 56 54 52 53 60 58 61 56 Unit value do... 53 53 54 54 53 53 54 54 55 55 Exports of agricultural products, quantity: Total: Unadjusted 1910-14=100. 62 61 83 35 Adjusted do._- 76 46 Total, excluding cotton: Unadjusted do... 102 101 101 99 56 Adjusted ,_.. do... 113 102 87 63 VALUE § Exports, incl. reexports thous. of doL. 227, 780 230 621 246,321 277,928 252, 231 268,756 212,908 218, 559 268, 364 230, 947 249,259 236, 058 By grand divisions and countries: Africa do 9,194 7 271 7,890 10, 308 9,767 13,185 8, 075 8, 523 11,560 10,101 8,530 9,996 Asia and Oceania do 43,118 40, 579 45,107 50,990 48, 494 61, 591 42, 445 46, 406 60, 505 49, 243 54,165 49, 971 Japan do 13,938 13, 007 19, 806 19, 502 19,104 28, 528 17,692 17,484 23, 573 16,147 21,394 14, 769 Europe do— 90, 265 102 995 112, 702 127,710 110,192 112,672 95, 830 95, 445 108,143 88, 809 97, 955 85,711 France do 9,473 H, 381 11,235 12, 322 13, 788 11,134 10, 818 10,653 12,614 12,408 12, 944 10,807 Germany do 5, 620 10. 270 12, 057 10,106 8, 620 8,317 6, 395 5, 176 0, 446 4,806 6, 294 5, 299 Italy do 4,931 3 CM 4, 132 5, 385 5, 091 5,141 4, 381 3, 889 5, 056 4,130 4, 400 4, 263 United Kingdom do 32. 231 41 432 50, 737 56,140 43, 238 40. 825 42, 402 38, 078 41, 874 31,311 37,410 30, 604 North America, northern do__- 43, 489 39. 545 36, 752 42,971 38, 992 29, 007 27, 001 26, 258 33, 092 35, 055 43, 583 40, 452 Canada do 42, 709 38, 829 36,170 41,895 38. 513 28,458 20, 084 25, 764 32, 298 34, 535 42, 637 39,874 North America, southern do 17.967 20, 034 21,156 23, 285 21,473 23, 705 20, 801 20, 453 27, 598 23, 462 22,356 23, 358 Mexico do— 3, 606 4, 130 4,465 4, 501 5, 239 5, 829 5, 581 5,928 7,991 6, 320 6, 296 7, 922 South America do 23, 746 20, 196 22, 755 22, 664 23.314 28, 538 18, 695 21,472 27,407 24, 277 22, 669 26, 571 Argentina do 6, 408 4, 318 5. 944 6T 034 6, 796 7, 736 3,114 4, 067 5,281 4.068 4,918 6,113 Brazil do..-. 4, 953 4, 222 4, 849 5, 382 5,143 6.749 4,908 5, 120 6,604 6, 007 5,417 5,193 Chile do 2,117 2, 072 1,913 2,123 1,741 2,139 1,736 1,480 2,188 1,479 1,621 2,651 By economic classes (U. S. mdse. only): Total thous. of doL. 226, 737 225.111 22,8, 143 243, 621 274, 319 249, 694 266,171 210, 258 216,036 264, 578 227, 597 245, 913 233, 359 Crude materials do 29, 667 32, 809 43. 789 59, 605 72,132 59, 807 49, 376 36, 391 30, 485 40, 072 26,016 30,243 25,713 Cotton, unmanufactured do— 5, 970 10,460 10, 089 20,511 24, 050 25,016 19, 048 14, 975 13, 732 16,958 9,185 7, 458 6,157 Foodstuffs, total do 19,719 38, 029 35, 820 31,391 33, 290 29, 474 28, 422 31,051 26, 553 27, 966 23, 621 20, 927 19, 521 Foodstuffs, crude do 4, 671 24,556 22 104 14, 254 12, 509 12,045 11,170 16, 443 11,402 12, 287 9, 810 10, 808 6,026 Foodstuffs and beverages, mfrs._do 15, 048 13, 473 13 002 17,137 20, 781 17,429 17, 252 14, 608 15,151 15, 679 13,811 16,119 13, 495 Fruits and preparations do 4, 423 5, 914 7, 519 10, 365 13, 253 10,116 10, 000 7,227 6,404 7, 017 6, 656 5,844 3,523 Meats and fats do 5, 221 4, 049 3, 150 3,944 4, 110 4,113 4,204 4, 596 4,145 4,724 3, 698 4, 851 4, 997 Wheat and flour do.... 3, 837 11,436 9, 001 4,038 4, 030 4, 473 4, 588 8, 201 7, 403 6, 400 5,459 7,601 4,079 Manufactures, semi- do 45, 994 37, 270 35. 015 40, 159 44, 454 39,955 j 50, 499 35, 452 34, 868 45, 058 41,008 48, 247 48, 462 Manufactures, finished do 131,357 117,003 1 19 112.465 124,443 120,309 I 137,874 107, 305 118,128 150,882 136,951 140. 495 139.664 Autos and parts do 18, 52!) 17. 469 12,299 j 14,171 17,303 25,417 | 29,161 21,396 25, 335 28, 504 24,921 23, 753 20, 387 Gasoline do... 7. 62S 9,042 9, 572 i 8, 370 9, 085 8,516 j 12, 292 7,449 6, 307 8, 378 6,813 10,119 9,453 Machinery do 43, 654 39,719 39,401 I 36. 026 38,053 34,550 ! 40, 90S 31,217 34, 605 49,390 43, 882 44,401 42, 191 General imports, total do 168, 925 140, 836 165, 540 167, 651 177, 979 170, 181 '171,474 178, 201 158, 035 190, 437 1S6,195 202, 502 178,953 By grand divisions and countries: Africa do 4. 497 4.416 5, 851 3, 799 5, 081 4, 069 4,145 3, 741 6, 479 0, 964 8,571 8,640 4, 469 Asia and Oceania do 53, 040 36, 909 44, 394 40, 899 49,131 50,033 52,130 51,818 42, 780 59, 952 51,162 59, 454 57,080 Japan do... 8,716 8,594 10, 103 11,839 11,678 14,053 i 12.020 11,285 7, 896 9,707 10, 607 10, 747 11, 237 §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey, September 1939 SURVEY OF CURRENT BUSINESS 37

FOREIGN TRADE-Continued

VALUE—Continued! General imports—Continued. By grand divisions and countries—Continued. Europe thous. of doL. 44,496 39, 781 49,366 52,150 58, 714 54, 623 53, 609 51,273 47, 722 52, 298 57, 574 58, 946 46, 009 France do 5,146 3,589 4,357 5,397 5,992 5,191 5, 586 4,703 5,234 5,692 5,411 7,122 4, 903 Germany do 3,975 4,393 5,627 5,794 7,289 6,923 6,256 5,231 4,930 5,171 13,829 2,885 3,349 Italy do 2,264 2,587 2, 824 3,170 4,520 3,656 3,397 3, 266 2,669 3,976 3,289 3,289 2, 711 United Kingdom do 11,081 7,262 10,143 10,445 13,801 12, 898 12, 251 11,331 10,995 11,971 11, 572 15,192 11,664 North America, northern do 26,993 22,803 23,899 24,186 27,049 25,839 24, 300 26,136 20, 302 23, 559 26,163 28, 850 26, 964 Canada do 25, 557 21,973 23, 334 23, 500 26, 249 25, 232 23, 554 25, 222 20,129 23,128 25, 671 28, 323 26, 533 North America, southern do 18, 530 17,964 21, 329 17,924 16,183 12, 566 12,753 17,924 18,650 22, 732 19,406 22, 178 19, 299 Mexico do 3.627 4,606 3,295 2,440 3,134 3,084 4,748 5,429 5,270 6,326 4,442 3,995 4,365 South America _do 21,370 18,963 20, 701 22,693 21,821 23, 051 24, 538 27,309 22,102 24,932 23, 319 24, 434 25,132 Argentina do 3, 207 1,689 2,835 3,882 3,631 3,566 4, 252 6,633 6.083 5.460 4,357 4,355 3,952 Brazil do 6,657 7,564 7,432 8,820 8,536 9,150 9,191 8,420 7, 667 9, 421 7,867 7,420 9,160 Chile do.... 1,822 1,171 1,571 1,681 1,648 1,567 2,457 3,277 2,272 2,583 3,813 2,750 2,468 By economic classes (imports for consumption): Total thous. of doL. 170, 451 147, 797 171, 053 172,947 178,460 171, 652 165, 522 169, 323 152, 528 191, 226 185, 800 194,193 178, 405 Crude materials do 50, 041 43, 236 49,498 52,377 53, 708 52, 355 53, 465 53, 890 48, 073 59, 507 54,940 62, 277 54, 725 Foodstuffs, crude do 21, 759 20, 344 21, 663 20, 473 21,120 23, 788 23, 093 26, 774 22, 947 28, 205 24, 053 25, 886 22,518 Foodstuffs and beverages, mfrs do 27, 799 23, 711 27, 829 28,639 27, 240 22, 995 20,887 16, 638 18, 635 26, 296 25, 036 26, 062 27, 725 Manufactures, semi- do 36,912 29, 607 35, 030 33, 591 35, 753 35,172 35, 265 37,158 34, 047 38.822 37, 936 39, 857 38, 633 Manufactures, finished do___. 33,939 30,899 37,033 37,868 40,639 37, 342 32,812 34, 864 28,827 38, 396 43,836 40,411 34, 804

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATION Express Operations Operating revenue . thous. of doL. 8,251 8,409 9,497 9,404 9,240 11,338 8,586 8,499 9,107 9,165 9,454 Operating income _ do 109 123 115 127 131 920 71 72 76 67 59 Electric Street Railways Fares, average, cash rate cents.. 7.864 7.889 7.889 7.889 7.889 7.889 7.888 7.888 7.873 7.873 7.864 7.864 7.864 Passengers carried t thousands 710,186 680, 255 700, 569 729, 663 789, 695 775,461 838, 707 790,120 737,164 835,136 788, 941 811,584 763 038 Operating revenues thous. of dol 49, 615 51,132 52, 229 56, 582 55,274 60, 028 56, 869 53, 361 59, 702 56,628 58, 222 55, 383 Class I Steam Railways Freight-carloadings (Federal Reserve): Combined index, unadjusted.._ 1923-25=100 __ 70 62 63 71 75 70 64 63 62 63 58 62 67 Coal do _ 64 52 56 71 76 76 78 76 76 66 36 44 58 Coke do 52 36 38 49 50 58 58 64 62 57 47 40 47 Forest products do 43 37 41 43 43 39 37 37 35 36 39 41 42 Grains and grain products _. do _ 111 123 101 83 95 76 72 71 64 67 68 73 89 Livestock do 34 34 37 50 62 53 40 40 31 32 37 36 30 Merchandise, 1. c. 1 „ . do . 61 59 61 64 65 62 59 59 60 62 62 61 61 Ore _ do 112 60 63 72 71 41 23 22 22 21 31 81 108 Miscellaneous . _ „ do 74 66 68 78 82 76 67 65 64 70 72 73 74 Combined index, adjusted do._ 69 61 62 64 68 69 69 69 67 66 60 62 67 Coal _ „ „ .. do 76 62 63 68 69 70 69 67 65 62 43 51 68 Coke do 62 43 46 51 50 58 53 55 46 55 56 42 51 Forest products do 43 37 40 40 42 40 43 42 36 36 38 40 40 Grains and grain products ._ do 80 89 84 74 95 81 83 79 70 73 76 81 90 Livestock _ __ do-_ 39 39 37 39 44 44 41 41 38 40 40 40 36 Merchandise, 1. c. 1 . _ _ _. do 62 60 60 61 62 61 61 62 62 62 61 61 61 Ore do 59 32 34 41 48 74 92 102 93 86 75 58 64 Miscellaneous ... do 72 65 67 69 72 74 74 76 75 73 70 70 71 Freight-carloadings (A. A. R.):^ Total cars -. thousands _ 2, 549 2,273 2,392 2,553 3,542 2,530 2,949 2,302 2,297 2, 390 2,832 2,372 3,149 Coal do 429 353 382 468 668 511 664 515 529 478 350 297 503 Coke. .. __ . ... do _ „ 24 17 18 22 31 26 35 30 30 29 29 19 28 Forest products _ do „ 118 104 120 120 159 109 131 103 99 105 140 121 151 Grains and grain products » do 200 223 191 148 221 137 163 129 116 125 159 137 202 Livestock _ do,_ 44 44 49 63 102 69 67 53 42 42 61 49 50 Merchandise, 1. c. 1 - do 583 563 598 604 799 594 708 561 577 612 775 612 744 Ore do 167 90 98 106 141 65 44 33 34 33 58 121 209 Miscellaneous do 983 879 936 1,022 1,422 1,018 1,138 878 870 967 1,261 1,016 1, 261 Freight-car surplus, total do 166 256 229 169 144 175 221 218 209 202 265 211 175 Box cars do 79 105 100 86 68 85 106 106 102 95 86 90 79 Coal cars do 53 112 92 49 42 51 71 67 63 67 146 87 65 Financial operations: Operating revenues, total thous. of doL. 332,436 ••299,590 315,387 322, 595 353, 441 319, 682 318,336 305, 769 276, 904 315, 091 282,118 302, 618 321, 617 Freight _ __ __ do_. . 265, 086 '238, 132 253, 592 261,303 293,762 264, 135 251, 320 246. 803 224, 819 257, 409 224, 588 243, 611 r 255, 763 Passenger . do 41,269 <• 38, 000 36, 330 34, 427 31,459 30.211 37.913 34, 785 30, 237 31,201 31,791 31, 758 r 38, 436 Operating expenses ___ do 241,962 -222,167 229, 632 232, 040 242, 409 231,257 232, 704 232, 946 220,619 240. 359 227, 622 237,411 241, 786 Net railway operating income do 49, 012 r38,431 45. 377 50, 362 68, 566 49, 665 49, 373 32.891 18. 591 34,317 15, 257 25, 101 39, 095 Net income do d 3,955 1,097 6,277 24, 068 7, 422 22, 225 d 8, 721 d 24,364 d 10,505 d 27, 896 d 18, 594 d 1, 685 Operating results: Freight carried 1 mile mil. of tons.. 26.312 25, 236 29.110 32, 757 28, 471 28,133 28,152 25,553 28,831 23, 983 25, 737 28, 465 Revenue per ton-mile certs .998 1.003 .977 .977 1. 004 .981 .964 .972 .988 1.035 1.045 Passengers carried 1 mile millions 2,118 1,976 1, 825 1, 662 1, 564 1,928 1,790 1, 555 1,618 1, 681 1,725 Waterway Traffic Canals: Cape Cod thous of short tons 369 270 263 27S 328 327 348 342 326 317 362 363 396 New York State _ _ do __ 538 524 697 480 684 845 0 0 0 0 101 735 586 Panama, total thous. of long tons.. 2,318 2,026 2,172 1,998 2, 360 2,224 2,374 2,393 2,207 2, 664 2,473 2, 539 2, 437 In U. S. vessels do 806 810 810 779 888 789 807 753 689 873 892 921 905 r Revised. * Deficit. ^Data for October, December 1938, April and June 1939 are for 5 weeks; other months, 4 weeks. JFor comparable monthly figures, January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey, Data shown in that table beginning January 1937 have been revised; see p. 37 of the April 1939 Survey. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 38 SURVEY OF CURRENT BUSINESS September 1939

TRANSPORTATION— Continued j Waterway Traffic—Continued Canals—Continued St. Lawrence thous. of short tons.. 1,178 1,215 1,296 1,429 1,065 5 0 0 0 1,189 1,161 Sault St. Marie do 9, 598 5, 552 6, 237 6, 624 7,141 4,466 323 0 0 0 5,799 8,622 Suez thous. of metric tons.. 2,508 2, 482 2,248 2, 460 2,270 2,422 2,166 2,277 2,561 Welland thous. of short tons.. 1,529 1, 588 1,786 2,030 1,652 181 0 0 0 200 1,324 1,580 Rivers: Allegheny ....do 242 246 263 223 249 244 180 175 135 199 101 136 230 Mississippi (Government barges only)..do 177 226 256 224 190 215 171 183 124 136 169 67 r 145 Monongahela do 1,704 1,141 1,279 1,422 1,595 1,710 1,798 1, 568 1,557 1, 742 348 661 1,688 Ohio (Pittsburgh district) do 1,400 755 967 1.055 991 1,074 1,003 1,114 469 655 1,265 Clearances, vessels in foreign trade: Total, U. S. ports thous. of net tons 6,731 6,958 6,516 5.769 5. 678 5,062 4,670 4,734 5,424 5,280 6,241 6,667 Foreign do 4,901 5,208 4,816 4,103 4,037 3,813 3, 539 3,607 4,160 4,038 4, 766 4,971 United States _ ..do 1,830 1,749 1,700 1,666 1,641 1,249 1,132 1,127 1,263 1,242 1,475 1,696 Travel Operations on scheduled airlines: Passenger-miles flown thous. of miles.. 72,918 50, 859 56, 405 54, 806 56, 828 46,090 41, 594 38,403 35, 002 49, 445 53,483 63,361 70,199 Passengers carried number._ 185, 643 127, 590 143,488 139, 297 143,993 113, 621 99,119 89,002 81,131 117,071 133,469 162,682 179, 055 Express pounds. _ 725,922 541, 346 623, 770 877, 564 855,151 685, 389 761,090 577, 982 564. 928 685, 274 663,884 725,061 824, 630 Miles flown thous. of miles.. 7, 541 6,271 6,360 6,151 6,302 5,776 5,665 5,453 5,032 6,125 6,268 7,122 7,183 Hotels: Average sale per occupied room dollars.. 3.29 3.19 3.29 3.28 3.32 3.47 3.26 3.21 3.28 3.15 3.37 3.20 3.34 Rooms occupied percent of total.. 57 55 57 61 65 60 54 64 63 64 63 63 62 Restaurant sales index 1929=100- 85 82 85 89 94 88 86 83 100 90 Foreign travel: Arrivals, U. S. citizens number. 32,414 56,906 58,027 31,710 15, 649 16, 614 19, 556 25, 590 31, 909 25, 374 19, 800 20,889 Departures, U. S. citizens.. ..do... 55, 528 51, 646 31.848 19,931 16,103 18, 765 24,307 28, 224 21, 673 21, 575 19,011 24, 788 Emigrants do... 2,616 2,286 2,227 2,081 2,157 2,663 2,344 1,479 1,702 1,851 2,077 3,168 Immigrants do... 6,385 7, 357 8,226 8. 825 6, 844 8,042 5,661 5, 959 8,076 7,063 6,049 4,512 Passports issued do... 10, 393 13,094 9,059 5,138 5,122 5,589 5,184 5,927 4,865 8,383 8,839 16,080 21,013 National Parks: Visitors do... 916,175 857. 504 811,209 428, 827 236, 771 77, 750 57, 677 74, 834 62,848 72, 280 164,736 248, 075 471,624 Automobiles do... 249, 905 238,127 226,102 125, 436 71,416 23, 783 16, 798 20, 587 17, 618 21, 779 48,892 73, 402 136,576 Pullman Co.:* Revenue passenger-miles thousands. 739,390 683,593 715, 529 651,851 585, 289 687, 369 793, 229 654, 896 715, 420 684, 444 631, 529 769, 819 ~ ;er revenues thous. of dol. 4,407 4,409 4,555 4, 239 3,912 4,488 5,263 4,473 4,769 4, 447 4,147 4,842 COMMUNICATIONS Telephone: Operating revenues thous. of dol.. 94, 954 96, 482 96, 725 99. 608 98, 531 101, 552 99, 234 96,064 101. 610 100.083 102, 646 102,119 Station revenues do 61, 587 62, 029 62, 850 65,105 64, 897 66,188 65,815 64, 504 66, 491 66,162 66, 875 66. 521 Tolls, message. do 24, 800 25. 984 25, 428 25, 929 24, 959 26, 591 24, 731 22,954 26, 498 25, 275 27,101 26.923 Operating expenses do 65, 505 66. 239 67, 030 67, 634 67, 434 69. 444 67, 281 64.155 68, 456 65, 683 68, 983 68,184 Net operating income do 16, 458 17, 261 16, 791 18, 637 18, 946 18, 835 18,527 18, 438 19,479 20, 576 19,832 20,027 Phones in service end of month thousands.. 17, 335 17,373 17, 465 17, 528 17, 593 17, 704 17, 735 17, 808 17, 897 17,974 18, 055 18,072 Telegraph, cable, and radiotelegraph carriers: Operating revenue, total thous. of dol_. 10, 618 11, 092 11, 550 11,156 10, 751 12, 408 10, 549 11, 577 11,012 11,735 11,721 Telegraph carriers, total. do 9,049 9, 524 9,851 9,491 9,114 10, 553 8,829 8,436 9,717 9,383 10, 065 10,113 Western Union Telegraph Co., revenues from cable operations thous. of doL. 529 485 5S6 569 522 570 527 463 502 514 501 Cable carriers do 809 791 889 861 830 976 856 756 901 768 790 774 Radiotelegraph carriers do 760 111 809 804 807 879 864 795 960 861 880 834 Operating expenses _ do 9,861 9,935 9,899 9,903 9,991 10, 756 9,816 9,319 10, 031 9.809 10,289 10,142 Operating income. do 39 431 953 558 69 1,041 15 d 17 814 512 699 886 Net income do <*764 <*408 199 <*356 <*774 291 <*884 (a) <*387 d229 43

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS Alcohol, denatured: Consumption ..thous. of wine gal_. 7,395 r 6, 642 7,648 9,124 11,188 10, 309 10, 433 6,720 6,567 7,578 7,523 8,203 7,944 Production do 7,437 ' 6, 710 7,846 9,181 11,101 10,195 5,500 6,828 6,454 7,616 7,719 8,490 8,166 Stocks, end of month do 2,015 ' 1, 253 1,416 1,466 1,364 1,233 1 285 1,379 1,260 1,294 1, 485 1,766 1,982 Alcohol, ethyl: Production thous. of proof gal _. 17,643 16, 370 17, 284 15, 800 17,017 15,164 16, 772 17, 067 14, 671 17, 423 17, 859 18, 655 16, 827 Stocks, warehoused, end of month do 32, 232 33. 717 35,176 32, 736 28, 319 23, 277 20, 895 24, 433 26, 072 27, 741 29, 625 31,078 30, 860 Withdrawn for denaturing. do 13,823 12, 350 14, 483 16,072 18, 986 17, 249 17, 389 11,327 11,198 13, 202 13, 253 15,032 15.029 Withdrawn, tax paid do 1,765 1,684 1,590 1,639 2,111 2,439 1,841 1,691 1,350 1,851 2,076 2, 009 1,858 Methanol: Exports, refined § gallons.. 195, 034 10, 609 7,743 22,716 8,431 12, 648 25, 990 24, 355 26, 359 10, 806 24,195 18,441 108,084 Price, refined, wholesale (N. Y.).dol. per gaL- .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 Production: Crude (wood distilled) thous. of gal._ 378 282 303 335 344 357 352 336 365 389 354 344 Synthetic do 2,495 1,450 1,898 1,930 2,295 2, 618 2,844 2,463 2,267 2,407 2,276 1, 779 2, 295 Explosives, shipments thous. of lb__ 27, 652 23,136 27, 663 30, 443 32,151 29, 385 28, 415 29, 258 26, 592 27, 801 26, 341 29, 315 30,210 Sulphur production (quarterly): Louisiana long tons.. 72, 520 68, 900 83, 260 105, 895 Texas do 472, 986 478, 774 405, 263 357, 819 Sulphuric acid (fertilizer manufactures): Consumed in production of fertilizer short tons.. 92,189 128, 312 126, 974 151,083 147, 592 148, 289 142, 451 138, 273 119, 081 112, 593 106,137 Price, wholesale, 66°, at works dol. per short ton.. 16.50 16.50 16.50 16.50 16. 50 16. 50 16.50 16. 50 16.50 16. 50 16.50 16.50 16.50 Production short tons._ 109, 969 131,106 133, 266 161. 285 171,106 176, 923 181, 386 169,769 169, 952 145, 689 155, 902 140, 580 Purchases: From fertilizer manufacturers do 18, 498 30, 388 38, 531 40,284 31,182 20,604 20,418 18, 751 11.951 15,021 8, 853 10, 535 From others do. 24, 249 25, 097 18, 560 21,564 18, 494 27, 515 22, 343 23, 778 17, 508 16, 542 20, 771 25, 614 Shipments: To fertilizer manufacturers.. _do_ 22, 312 27, 422 26, 032 28, 971 37, 752 33, 080 38.085 39,167 35,100 33, 202 38,123 36, 966 Toothers _.do. 33,112 33, 462 34. 973 40, 904 38, 447 40,915 40, 850 35, 545 42, 864 35, 528 38, 835 43,369 «• Revised. d Deficit. ° Less than $500. *Now series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p. IS, of the January 1939 Survey. §Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey. September 1939 SUEVEY OF CURRENT BUSINESS 39

FERTILIZERS Consumption, Southern States thous. of short tons.. '38 44 137 121 146 217 436 627 1,476 1,271 Exports, total§~ long tons.. 154, 80U 112,944 146, 636 116, 828 134,929 147, 587 133, 295 85, 542 85,095 123, 687 136,328 148,095 136, 016 Nitrogenous! do 8,067 3,378 27, 504 24,047 20,271 20, 207 25,119 11,317 15, 645 6,723 5, 365 12, 142 12, 655 Phosphate materials! do 137, 446 103, 228 108, 665 87, 824 93, 058 123,339 101,186 71,045 66, 552 97,983 123, 270 112, 773 105, 934 Prepared fertilizers! do 447 497 169 369 261 413 72 83 340 476 343 302 268 Imports, total§ do 90.102 60, 235 79, 652 131, 407 158,140 116, 298 149, 798 141,898 109,932 138, 782 191, 057 145, 432 109, 737 Nitrogenous, total!... do 45, 632 36,833 48,977 75,849 82, 576 50, 231 78,124 118,159 101,396 116, 806 167, 558 99, 074 90, 541 Nitrate of soda!. do.._. 18, 479 8,969 24, 450 20,829 32,971 4,851 32,336 63,854 54, 552 42,920 115,188 62, 010 59, 332 Phosphates! _. do 2, 321 738 1,827 8,276 9,337 6,046 3,421 903 969 3,599 1,462 7,033 594 Potash§ do 41, 234 19,414 27,908 42,407 64,124 58, 730 66,897 20,186 6,795 17, 235 16, 580 10,415 16, 425 Price, wholesale, nitrate of soda, 95 percent (N. Y.) dol.percwt- 1.450 1. 450 1. 450 1.450 1. 450 1. 450 1. 450 1. 450 1. 450 1. 450 1. 450 1.450 1.450 Potash deliveries* short tons.. 25,989 45,957 47,169 72, 299 69,798 101,438 2,489 2,632 5,250 8,379 8, 674 17, 337 Superphosphate (bulk): Production short tons.. 219, 936 283,015 279,381 314, 359 326, 794 343, 204 322,211 312, 284 301,694 286, 747 277, 437 243, 402 Shipments to consumers do 6,592 21, 340 108,470 46, 980 17, 717 17,147 29,340 54, 893 161, 202 216, 671 139,648 34, 263 Stocks, end of month. do ,058,452 .,057,215 1,160,299 ,249,272 ,322,306 ,361,127 ,298,883 ,288,536 ,106,679 815,911 778, 758 871,109 NAVAL STORES Rosin, gum: Price, wholesale "H" (Savannah) dol.perbbl. (280 lbs.) ~ 5.19 4.61 4.48 4.14 5.12 4.89 4.34 4.90 5. 21 5.65 4.86 4.94 4.96 Receipts, net, 3 ports bbl. (500 lbs.) 121, 396 121, 505 119,818 87, 935 97, 664 48,095 20, 473 13,757 19, 367 43, 810 57, 079 61, 744 Stocks, 3 ports, end of month do_. 402,121 475,130 542,161 660, 252 678, 731 657, 839 642, 825 609, 502 615, 381 625,138 639, 914 Turpentine, gum, spirits of: Price, wholesale (Savannah) dol. per gal- .30 .23 .23 .21 .22 .29 .28 .31 .32 .35 .30 .30 .30 Receipts, net, 3 ports bbl. (50 gal.) 28,877 29, 480 31, 745 17,670 18, 364 10, 593 2,390 1,908 3, 256 9,799 14,638 15,884 Stocks, 3 ports, end of month do.. 104,147 116,859 130,897 128,334 134,460 133,921 123, 584 118,954 109, 626 107,339 104, 759 102,941 OILS, FATS, AND BYPRODUCTS Animal Fats and Byproducts and Fish Oils (Quarterly) Animal fats: Consumption, factory thous. of lb- 238,802 222, 460 233, 456 217,899 Production _.do__. 395, 795 505, 816 501,165 503,947 Stocks, end of quarter do... 296,157 312, 725 346, 321 403, 809 Greases: Consumption, factory do... 48, 656 44, 480 48,182 47,438 Production do... 79, 787 87, 253 86,419 92,964 Stocks, end of quarter do... 56, 400 61, 276 54,170 54,943 Shortenings and compounds: Production do... 411,949 370, 759 354, 692 300, 076 Stocks, end of quarter do... 45,270 55, 662 51,163 55, 350 Fish oils: Consumption, factory —do... 51,950 71, 664 66, 512 66, 138 Production do... 97, 753 102,193 47, 713 8, 983 Stocks, end of quarter do... 206,906 256,352 242, 725 180, 364 Vegetable Oils and Products Vegetable oils, total: Consumption, crude, factory (quarterly) mil. of 1b. 997 952 816 Exports thous. of lb._ 2,559 2,359 1,824 3,027 3,798 2,204 2,656 2,815 4,136 3,994 4,202 4,314 3, 673 Imports, total§ do_._ 79,467 89, 048 84, 636 80,424 90,189 94,982 92, 613 91,692 85, 466 98,010 60, 455 97, 275 91, 633 Paint oils! do... 9,841 14, 779 11, 850 11,303 9,372 15,414 10, 525 11,414 8,169 10, 708 12,13G 9,382 10, 755 All other vegetable oils§ do... 69, 625 74, 268 72, 786 69,121 80,817 79, 568 82,089 80, 278 77, 298 87, 302 48, 319 87, 894 80, 878 Production (quarterly) mil. of lb. 580 977 832 593 Stocks, end of quarter: Crude do... 714 870 860 732 Refined do... 494 668 760 759 Copra: Consumption, factory (quarterly) short tons. 54, 083 58, 414 59, 473 52,114 Imports do... 19, S 24, 305 17,927 20,092 23,105 15, 437 26, 745 20,96/ 17,491 22, 630 11, 643 20, 880 12, 514 Stocks, end of quarter do... 44,953 36, 525 35, 816 36, 081 C oconut or copra oil: Consumption, factory: Crude (quarterly) thous. of lb_. 154, 327 150, 922 154,408 137,891 Refined (quarterly) do 77, 365 78, 573 64, 957 53, 074 In oleomargarine._ do... 1,559 6, 331 7,282 8,711 8,420 7,023 7,204 7,244 5, 295 4,729 3,428 2, 964 2,129 [mports! _do 21, 215 31,186 22,052 32, 579 26,824 39, 792 34, 725 23,101 29, 122 41, 370 38, 450 37, 556 Production (quarterly): Crude do_._ 68,033 73, 685 75, 457 66, 388 Refined do... 82, 506 82, 743 75, 064 68, 213 Stocks, end of quarter: Crude dO-._ 184, 342 202, 307 20?, 322 226, 894 Refined ..do... 13,001 13,332 13, 735 12,315 Cottonseed: Consumption (crush)..-thous. of short tons. 72 127 22? 576 665 630 534 451 367 399 256 199 Receipts at mills do .. 52 70 262 1,274 1,155 631 327 152 95 136 73 58 45 Stocks at mills, end of month do... 120 337 371 1,069 1,559 1,560 1, 353 1,054 782 518 336 194 140 Cottonseed cake and meal: Exports short tons_ 46 4,422 1,727 3.745 2,200 1,235 4,468 407 189 3S9 506 81 124 Production io... 34, 293 56, 630 99, 884 256, 390 294, 408 284, 458 237.933 205, 49^ 169, 766 188, 051 115, 729 93, 845 43, 272 Stocks at mills, end of month do.__ 120, 794 214, 611 216, 879 259,659 295, 380 313, 538 313, 348 289, 286 245, 221 196, 544 177,134 173, 019 151, 259 Cottonseed oil, crude: Production thous. of lb. 23, 691 41, 843 67, 603 178, 632 203, 746 195, 809 163, 035 145, 077 116,438 129,265 84,753 68, 322 32,817 Stocks, end of month do._. 73, 353 33, 834 46, 382 111, 708 151, 570 168, 457 175, 377 178, 203 180, 666 177, 466 164, 945 137, 785 88, 828 Cottonseed oil, refined: Consumption, factory (quarterly) do... 350, 990 301, 398 285,230 272, 970 In oleomargarine do... 5,522 8,181 9,086 10, 246 10, 381 10, 807 10, 577 9, 884 9,412 9,67 7, 58 6,781 6,708 Price, summer, yellow, prime (N. Y.) dol. per lb_ .061 .086 .081 .078 .076 .074 .074 .071 .067 .069 .066 .066 .005 Production .thous. of lb. 41, 519 53, 829 53, 996 92, 352 161, 768 162, 361 143, 823 138, 022 110,492 131,956 98, 803 82,011 78, 683 Stocks, end of month do_ 558, 855 487, 928 409, 781 397, 382 446, 739 503,890 563, 794 609, 950 633, 329 642, 463 658, 332 639, 328 614, 470 *New series. Data are on basis of potassium oxide content; figures beginning 1928 not shown on p. 39 of the August 1939 Survey will appear in a subsequent issue. § Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 40 SURVEY OF CURRENT BUSINESS September 1939

CHEMICALS AND ALLIED PRODUCTS—Continued

OILS, FATS AND BYPRODUCTS-Con. Vegetable Oils and Products—Continued Flaxseed: Imports^ thous of bu 1,123 927 1,288 1,346 1,381 1,565 1,474 2,111 2,248 2,031 1,416 1,155 1,802 Minneapolis: Receipts _ _ _ do ... 67 70 1,961 1,286 450 205 136 107 38 62 35 61 73 Shipments. _. do 28 27 221 76 87 152 80 47 30 64 58 38 20 Stocks do 231 468 795 1,499 1,416 732 637 524 452 319 283 280 225 Duluth: Receipts do 0) 14 357 833 241 152 1 (i) 1 1 1 (1) 99 Shipments _ _ _do 58 0 128 416 324 620 8 2 0 82 29 0 41 Stocks do 2 24 253 670 586 152 112 110 111 29 2 2 59 Oil mills (quarterly): Consumption do 5,043 7,206 7,112 6,207 Stocks end of Quarter do 3 019 2 389 2,521 1 958 Price, wholesale, No. 1 (Mpls)—dol. per bu__ 1.57 1.83 1.73 1.79 1.84 1.84 1.90 1.99 1.92 1.97 1.89 1.83 1.81 Production (crop est.) thous. of bu • 15, 750 / 8,171 Linseed cake and meal: Exports§ do 44, 589 27, 216 28, 692 41, 577 44, 746 47, 302 51,820 50, 734 50,180 17,219 50,396 40 849 48 733 Shipments from Minneapolis . _. do __ 6, 3G0 6,032 5,776 11, 679 11, 670 7,913 9,760 8,320 5,720 7,920 8,280 7,280 7,000 Linseed oil: Consumption factory (quarterly) do 80 736 72, 419 76,674 91, 360 Price, wholesale (N Y ) dol. per lb .090 .086 .084 .084 .087 .083 .086 .085 .085 .088 .089 089 093 Production (quarterly) thous. of lb__ 98, 407 139,106 139, 209 124,823 Shipments from Minneapolis do _ . ~~~5,~886~ "~6\589~ ~"~5,~ 436" 8,263 ~~~6,~867~ ""4,77l" 3,209 """§,"966" """3,166" 7,200 ""~9,"786" "~6~486~ 6, 360 Stocks at factory, end of quarter do 113,012 141,785 161,251 130 310 Oleomargarine: Consumption (tax-paid withdrawals) __do 20,114 25, 671 28,371 32,000 31,824 29,812 29,991 30, 350 27, 774 29,032 23, 622 22, 827 20, 745 Price, wholesale, standard, uncolored (Chi- cago) ... dol. per lb _ .135 .145 .158 .155 .153 .150 .143 .140 .140 .140 .140 .135 .135 Production thous. of lb__ 19,262 25,512 28, 718 32, 387 31,092 30,221 30, 373 30, 319 27,701 29,417 23,325 22, 699 21, 111 Vegetable shortenings: Price, wholesale, tierces (Chi.) dol. perlb.. .090 .106 .108 .103 .100 .098 .096 .093 .091 .095 .093 .093 .090 FAINT SALES Plastic paints, cold water paints, and calcimines: Plastic paints „ _ thous. of dol 44 43 44 42 47 34 30 82 33 44 46 45 43 Cold water paints: In dry form - do 156 148 159 162 156 115 113 126 144 187 210 230 ••206 In paste form do 227 225 244 219 253 190 169 211 219 316 317 338 309 Calcimines do 206 213 242 282 245 226 222 235 251 280 282 305 281 Paints, varnish, lacquer, and fillers: Total do 29, 472 26, 730 28,821 29, 769 28, 773 25, 280 20, 515 24, 229 24, 415 31, 555 32, 666 40,138 36, 886 Classified, total _ do 20,769 18,512 19, 747 20,114 29, 486 18, 367 15,036 17,828 17, 395 23,003 23. 830 28, 546 2,6,197 Industrial __ do 8,199 6,603 7,249 7,879 8,481 8,397 7,417 8,180 7,982 9, 626 9,469 9, 611 9,781 Trade do 12, 569 11,909 12, 499 12, 235 12,006 9,970 7,619 9,648 9,413 13,377 14, 360 18, 935 16,416 Unclassified _ do ___ 8,703 8,218 9,074 9,655 8,287 6,914 5,478 6,401 7,021 8,551 8,836 11, 592 10, 690 CELLULOSE PLASTIC PRODUCTS Nitro-eellulose, sheets, rods, and tubes: Consumption* thous. of lb._ 221 158 282 296 316 228 246 242 257 342 287 249 297 Production _ .do 979 634 977 974 1,051 1,018 789 923 1,049 1,315 1,116 1,036 957 Shipmentscf do 847 731 1,017 1,030 1,124 1,008 937 956 977 1,171 950 940 1,000 Cellulose-acetate sheets, rods, and tubes: Consumption* thous. of lb 6 5 7 8 10 14 7 6 9 14 12 10 9 Production _ do _. 561 658 546 592 945 1,332 1.112 896 989 1,078 508 491 446 Shipment-sc? -do 537 602 530 616 1,048 1, 251 1,032 856 1,014 1.029 522 509 378 Moulding composition:* Production __ do 645 385 548 860 1,044 1,031 758 725 871 963 736 782 795 Shipments^ - - - do 604 303 484 759 9S9 956 671 682 770 810 600 704 703 ROOFING

Asphalt prepared roofing, shipments: Total thous. of squares 2,404 3,212 4,012 4, 095 2. 583 2,076 1,439 1,410 2,910 3,289 2,714 2,887 Grit roll do 699 900 1,130 1, 062 630 515 359 374 692 785 720 831 Shingles (all types) do__ 811 1, 075 1, 265 1,401 836 527 358 391 891 1,150 1,057 1,058 Smooth roll ~ do 894 1.237 1,617 1, 632 1,117 1,035 721 645 1,327 1, 355 938 998

ELECTRIC POWER AND GAS

ELECTRIC POWER Production total! mil of kw.-hr 10,651 9, 596 10,246 9,898 10, 270 10, 303 10, 882 10, 641 9, 654 10,567 9, 955 10, 341 r 10,529 By source: Fuel do 7 175 5, 888 6,402 6,377 6, 868 6, 760 6,976 6,899 5, 828 6,116 5, 562 6,176 r 6, 743 Water power . do 3,476 3.708 3,845 3, 520 3,402 3,543 3,906 3,742 3,826 4, 450 4,393 4,165 r 3, 786 By type of producer: Privately and municipally owned public utilities mil. of kw.-hr__ 9, 846 8, 963 9. 586 9, 238 9,615 9, 600 10, 205 9, 965 9,043 9,900 9,321 9,686 9,820 Other producers do 805 633 661 660 655 643 677 676 611 667 634 655 '709 Sales to ultimate consumers, totalf (Edison Electric Institute) mil. of kw.-hr._ 7, 562 8.093 8,190 8, 335 8. 475 8.779 8,806 8,324 8,398 8,240 8,282 8,577 Residential or domestic do 1, 502 1, 527 1.611 1, 038 1.723 1, 843 1,987 1.815 1, 719 1,700 1, 604 1,627 Commercial and industrial do 5, 206 5, 773 5, 786 5, 835 5,849 5, 940 5. 850 5,615 5,751 5, 704 5,867 6,169 Public street and highway 3tg do 130 144 156 178 197 206 192 166 159 134 121 111 Other public authorities do 189 199 194 196 194 205 203 194 202 192 193 194 Sales to railroads and railways do 410 413 407 449 479 547 531 493 524 473 461 441 Interdepartmental do ___ 36 36 37 38 34 38 42 42 41 39 36 35 r Revised. 1 Less than 500 bushels. • August 1 estimate. / December 1 estimate. •New series. For data on nitro-cellulose consumption, cellulose-acetate consumption, and molding compositions beginning 1935, see table 15, p. 18 of the March 1939 Survey. fFor electric power sales, see note marked with a "f" on p. 41 of the July 1939 Survey. §Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. cf Includes consumption in reporting company plants. ^Excludes consumption in reporting company plants. JFor electric power production, see note marked with a "1" on p. 41 of the July 19*9 Survey. Revised data on production "by type of producer," referred to therein, are shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available. September 1939 SURVEY OF CURRENT BUSINESS 41

ELECTRIC POWER AND GAS—Continued

ELECTRIC POWER—Continued Revenues from sales to ultimate consumers (Edison Electric Institute) thous. of dol__ 176,099 182, 380 185,948 188,019 192,178 198, 991 201, 330 190,219 186, 714 185, 987 183,112 186,166 GAS§ Manufactured gas: Customers, total thousands.. 9,849 9,862 9,947 9,936 9,926 9,947 9,886 9,914 9,907 9,894 9,986 9,979 Domestic do 9,201 8,212 9,284 9,264 9,241 9, 254 9,201 9,225 9,218 9,197 9,285 9,290 House heating do 176 180 196 212 220 227 212 219 210 218 224 214 Industrial and commercial do 461 460 458 450 456 458 465 461 467 467 466 465 Sales to consumers mil. of cu. ft__ 25,136 23, 842 26, 325 29,180 30, 459 34, 600 34, 761 33, 662 33, 600 32, 626 30,303 27,917 Domestic. _. do 15, 949 14, 642 16, 466 17,655 16, 041 16,196 17, 211 16, 687 16,647 16, 242 15, 755 16, 6,00 House heating do 856 682 898 2.147 4,847 8,306 8,101 8,004 7,122 6,074 4,421 1,587 Industrial and commercial do 8,155 8,803 9,179 9,365 9,853 9,250 8,785 9,641 10,144 9,969 9,606 Revenue from sales to consumers thous. of doL. 27, 484 25, 894 28, 383 30, 573 30, 881 33, 310 33, 734 32, 811 32, 450 31, 586 30, 707 29, 561 Domestic do 21, 350 19, 884 21, 804 22, 869 21, 807 21, 923 22,125 21,038 21, 054 21, 252 21, 845 22, 253 House heating do 698 589 819 1,656 2,790 4,763 5,196 5,429 4,902 3,840 2,519 1,232 Industrial and commercial do 5,336 5,312 5,652 5,919 6,151 6,478 6,292 6,227 6, 368 6,368 6, 231 5,990 Natural gas: Customers, total thousands.. 6,944 6,973 7,021 7,082 7,194 7,220 7,156 7,163 7,194 7,178 7,190 7,163 Domestic do 6,459 6,531 6,571 6,637 6, 655 6,603 6,615 6,636 6,626 6,655 6,650 Industrial and commercial do 483 485 488 509 554 563 550 546 555 549 533 510 Sales to consumers mil. of cu. ft_. 78,312 79,487 84, 378 92,958 107, 536 126,093 129, 398 134, 515 127, 377 113, 379 101,438 87,413 Domestic do 16,095 14, 373 15,513 19, 485 29,135 42,881 49,177 51, 291 46,791 36, 510 27,415 18,862 Indl., coml., and elec. generation do 61,019 63, 756 67,466 72,102 77, 633 81, 704 78, 736 81, 770 79, 303 75, 465 72,581 67,378 Revenues from sales to consumers thous. of doL. 25,089 24,082 25,216 29,024 36,226 45, 619 50,279 51,197 47, 979 41, 034 34,644 28,559 Domestic do 12,903 11,885 12, 279 14, 853 20,280 27, 751 32,141 32, 619 30,218 24, 845 19,873 15,197 Indl., coml., and elec. generation do 11,988 11,990 12, 737 13, 974 15, 801 17, 630 17, 899 18, 331 17, 520 15, 958 14, 550 13,193

FOODSTUFFS AND TOBACCO

BEVERAGES Fermented malt liquors: Production thous. of bbl_. 5, 637 ' 5, 140 5,337 4,313 3,595 3,731 3,537 3,642 3,482 4,489 4,636 5, 650 6,230 Tax-paid withdrawals do_ 5,538 ' 5, 389 5,748 4,428 4,134 3,774 3,669 3,103 3,031 3,816 3,985 5,079 5, 622 Stocks .do. 9,330 ' 9,190 8,540 8,242 7,570 7,367 7,081 7,467 7,774 8,265 8,746 9,086 9,442 Distilled spirits; Production thous. of tax gal_. 5,381 r 5, 695 6,095 9,294 18,923 22,147 16,956 11,829 10, 702 13,019 10,876 10,743 8,350 Tax-paid withdrawals do 5,605 r 5, 758 5,672 7,491 10, 203 11,745 9,724 6,246 6,091 8,569 7,601 6,878 6,461 Imports* thous. of proof gal.. 632 745 641 924 1,200 1,381 1,691 667 676 831 776 845 772 Stocks. thcus. of tax gal 520,429 496,903 496,012 495,163 495,003 501, 207 505,670 510,194 513, 453 516, 755 519,158 521,773 522,040 Whisky: Production do. 3,711 3,915 4,217 4,997 8,119 10, 562 10, 780 9,193 8,735 9,984 8,443 7,971 5,782 Tax-paid withdrawals do 4,343 ' 4, 339 4,226 5,837 8,173 9,571 7,693 5,008 5,003 6,794 5,737 4,878 4,890 Imports* thous. of proof gal_. 534 647 555 818 1,046 1,215 1,459 571 582 706 678 730 666 Stocks... thous. of tax gal_. 477,149 470, 400 469, 451 468, 480 466, 376 466,176 466,809 470, 251 472, 783 472,143 477,135 479, 271 478, 875 Rectified spirits and wines, production, total thous. of proof gal 2,983 2,772 3,504 4,480 5,362 4,774 2,973 2,683 3,817 3, 670 3,425 2,960 Whisky* _.__do_. 2, 055 1,879 2,710 3,689 4,445 3,898 2,375 2,192 3,078 2,800 2,496 1,977 Indicated consumption for beverage purposes: All spirits*! thous. of proof gal.. '8,699 '8,015 '7,467 '9,010 '12,950 '15,038 '13,118 '8,192 '7,743 '10,771 '9,775 '9,137 r Whisky*!. ____do_.__ '6,767 6,266 '5,9C3 '8,306 '"11,328 '13,351 '11,425 '6,988 '6,816 '8,122 '7,142 Still wines: Production* thous. of wine gal 807 2,382 28,198 92,432 73, 578 24,154 5,008 1,678 1,026 1,003 1,103 677 Tax-paid withdrawals* do.. 4,205 4,229 5,123 6,843 7,215 8,644 5,033 5,018 5,883 5,157 4,994 4, 682 Imports* _ do. 154 149 145 181 322 406 476 247 194 292 310 229 207 Stocks* do.. 97, 767 94, 716 99,166 127,066 137,224 128,047 122,601 117,094 111,357 105, 776 100,933 94,861 Sparkling wines: Production* do.. 9 23 18 18 26 37 15 9 25 43 70 37 Tax-paid withdrawals*.. do.. 14 14 23 40 54 78 16 11 13 13 17 23 Imports* .do__ 18 16 35 60 S3 138 23 19 22 26 37 36 Stocks* ___ _ do 656 664 659 636 608 554 548 546 558 587 639 647 DAIRY PRODUCTS Butter: Consumption, apparentf thous. of lb__ 145,701 132, 391 138,602 140,216 152,408 150,912 153,152 145, 603 139, 535 153,186 153,009 179, 419 152, 631 Price, wholesale 92-score (N. Y.) dol. per lb_. .24 .26 .26 .26 .26 .27 .28 .26 .26 .24 .23 .24 .24 Production, creamery (factory)f.thous. of lb._ 179, 275 184, 275 167,215 149,914 136,132 j 116,042 121, 790 128, 303 121,065 139, 331 145,123 193, 701 200,135 Receipts, 5 markets^ do 77,460 77, 740 89,250 78,843 64,457 50,495 53, 269 55, 705 53, 955 60,091 59, 385 77, 966 84, 566 Stocks, cold storage, creamery, end of month thous. of lb-. 165,094 173, 257 201, 252 210,703 194,285 i 159,254 128,872 111,354 92, 780 78,909 70,909 84, 437 131,609 Cheese: Consumption, apparentf do 55,978 64,441 57,838 68,200 69, 203 52,088 50, 428 56,702 57,101 62, 356 64, 701 77, 687 70,660 Imports . do 3,134 3,881 4,042 4,445 7,018 5,925 4,083 4,001 4,425 4,881 3,927 4,353 3, 781 Price, wholesale, No. 1 Amer. (N. Y.) dol. per lb._ .15 .15 .14 .13 .15 .14 .15 .14 .14 .14 .14 .14 .15 Production, total (factory)f thous. of lb__ 73, 400 80,268 69,800 54,400 53,877 41,407 38, 728 39,168 37,992 47, 775 54,600 77,300 86,170 American whole milkf __do 58, 400 '64,660 55,830 42,791 41,267 30,251 27, 899 28,171 27,175 34, 281 41,145 60, 640 68,320 Receipts, 5 markets do 13, 786 16,880 14, 718 16, 345 15,764 10, 537 10,998 10, 753 11,492 11, 960 11,157 14,402 14,322 Stocks, cold storage, end of month. do 119, 291 134, 351 150,248 140, 755 132, 326 127,440 120,174 106, 411 91,485 81, 653 75, 345 79,272 r 98,850 American whole milk _do 99,179 114, 607 127,862 121, 423 115, 351 109, 738 102, 563 90, 401 77, 270 68,812 62,866 64, 750 ' 81, 262 Condensed and evaporated milk: Exports: Condensed (sweetened) thous. of lb._ 215 220 80 279 356 259 355 104 91 306 142 148 195 Evaporated (unsweetened) do. 2,338 1,862 1,922 2,380 2,335 2,034 2,198 1,522 2,007 1,785 1,710 2,508 1,799 Prices, wholesale (N. Y.): Condensed (sweetened) dol. per case.. 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 Evaporated (unsweetened) do 2.09 3.00 2.90 2.90 2.90 2.90 2.90 2.90 2.90 2.90 2.90 2.90 2.90 'Revised. §See note marked with a "t" on p. 41 of the June 1939 Survey. *New series^ Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey. fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese, and production of American cheese, see p. 41 of the December 1938 issue. Total production of cheese has been revised beginning 1920 to exclude cottage, pot, and baker's cheese; revisions not shown on p. 41 of the December 1938 Survey will appear m a subsequent issue. Total indicated consumption for beverage purposes of all spirits and whiskey revised in entirety; exports should not have been deducted from the tables as stated in footnote 1, table 6, p. 17 of the July 1939 Survey. JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey. 42 SURVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references Sep- Novem- Decem- Febru- to the sources of the data may be found in the July July August October Janu- March April 1938 Supplement to the Survey tember ber ber ary ary May June

FOODSTUFFS AND TOBACCO—Continued

DAIRY PRODUCTS—Continued

Condensed and evaporated milk—Continued. Production:! Condensed (sweetened): Bulk goods thous. of lb_ 16, 615 17,129 14, 752 14,178 14, 684 11,296 11, 922 12,847 11,505 15,408 15,420 22, 007 21, 059 C ase goods do,... 2,894 3,289 3,238 3,210 3,050 3,529 3, 210 3,421 3,036 3,075 3,283 2, 899 2,755 Evaporated (unsweetened) do... 223, 953 224, 681 188, 507 146,679 122,885 100,723 119,614 129,452 137, 882 181,094 202,090 262, 957 265, 586 Stocks, manufacturers' end of month: Condensed (sweetened): Bulk goods thous. of lb. 12, 504 21,850 20,119 17, 777 15, 248 11,701 9,235 8,536 7,202 5,809 6,135 7,910 11,416 Case goods do... 8,570 10,249 9,932 9,278 8, 521 7,854 7,139 6,101 4,985 4,959 4,608 6,437 7,764 Evaporated (unsweetened), case goods thous. of lb. 341, 686 392, 641 419,142 398, 287 344,316 284, 375 205,073 150,311 120,397 109,882 134, 625 209, 044 292,393 Fluid milk: Consumption in oleomargarine do__. 3,870 4,787 5,483 6,216 6,247 5,838 5,830 5,856 5,422 5,861 4,561 4,498 4,112 Price, dealers', standard grade*,dol. per 100 lb_ 2.10 2.23 2.22 2.22 2.23 2.23 2.23 2.23 2.21 2.20 2.15 2.11 2.10 Production (Minneapolis and St. Paul) thous. of lb. 34,051 34, 641 29, 659 25,3:0 26, 377 26, 700 32,002 36,421 34,829 40,237 39,031 44,144 41, 873 Receipts: Boston (incl. cream) thous. of qt. 16, 579 17, 727 12, 291 14, 936 15, 327 14,342 13,988 12, 681 13, 906 13, 322 14,648 13, 897 Greater New York (milk only) do__. 129,851 120, 412 127, 352 115,943 120,748 118, 582 118, 277 123, 868 112,501 125, 570 121, 682 132, 670 134, 712 Powdered milk: Exports? thous. oflb_. 637 1, 396 1,036 786 751 673 549 473 519 689 696 1,069 739 Production}: do._. 28,999 35, 562 27, 350 26, 870 25,095 20,419 21, 532 25,006 22,890 28,233 31,190 38, 877 * 38, 572 Stocks, mfrs., end of mo.$ do.-_ 27, 609 59, 764 55,459 52, 602 41, 204 37,194 33, 259 32, 860 32, 318 30, 972 32,102 31,982 ' 25, 861 FRUITS AND VEGETABLES

Apples: Production (crop estimate) thous. of bu._ / 131,882 Shipments, carlot no. of carloads._ 944 1,177 5,817 13,194 7, 365 6,738 5,595 4,776 4,844 3,025 2,041 Stocks, cold storage, end of month thous. of bbl__ 0 0 0 2,893 10. 090 10,272 8, 736 903 5,079 3,046 1, 569 555 0 Citrus fruits, carlot shipmentS-.no. of carloads. _ 10, 860 11,453 10,198 9,772 12, 800 14, 399 18, 800 726 18, 400 22, 827 20, 395 17, 589 16,377 Onions, carlot shipments do 1,093 1,197 1,447 3,244 2,996 2,355 2,100 433 2,139 2, 356 3,071 3,376 2,133 Potatoes, white: Price, wholesale (N. Y.) dol. per 100 Re- 1,813 1.144 .770 1.100 1.095 1.456 .595 1.519 1.375 1.800 1.575 production (crop estimate) thous. of bu__ 356, 834 / 371,617 Shipments, carlot no. of carloads._ 14, 600 ',244 14, 493 15,056 12, 564 12, 356 406 17,196 25, 210 18, 863 22, 759 23,912 GRAINS AND GRAIN PRODUCTS

Exports, principal grains, incl. flour and meal§ thous. of bu__ 8, 389 30,022 28,323 15, 749 12, 545 15,111 11,495 20,385 15,521 15,435 11,368 16, 772 6,600 Barley: Exports, including malt do 861 2,744 1,954 1,749 736 649 368 724 436 124 614 206 Prices, wholesale, No. 2 (Mpls.): Straight dol. per bu.. .45 .48 .47 .53 .50 .50 .52 .54 .55 .54 .51 .55 .53 Malting do .47 .54 .56 .56 .54 .56 .57 .60 .55 .56 .57 .56 .60 Production (crop estimate) thous. of bu._ ', 008 252,139 Receipts, principal markets do 4, 823 2,900 16, 817 12, 335 10,522 5, 764 5, 846 6, 670 3, 846 5,967 4,579 4,474 3,791 Stocks, commercial, end of mo do 8, 253 7,885 15,096 17,025 18.924 16,187 15,015 13, 752 12, 253 10,182 8,874 5, 745 6, 210 Corn: 608 7,898 4,119 6, 032 3,729 7. 050 2,721 3,798 1, 663 1,207 267 Exports, including meal do 15, 664 12, 674 r Grindings do 4,310 5, 289 6,079 6,564 6, 915 6, 547 6,724 6, 340 5,256 5,780 r 5, 798 r 6, 510 5, 945 Prices, wholesale: No. 3, yellow (Kansas City)__-dol. per bu._ .55 ) .44 .46 .48 .46 .46 ) No. 3, white (Chicago) do ... .59 .55 .53 .45 .47 .54 .51 .51 .53 . 55 Weighted average, 5 markets, all grades* .46 . 52 .45 .50 .51 .47 .49 .52 dol. per bu. _ e .58 .53 Production (crop estimate) mil. of bu__ 2, 460 / 2. 542 Receipts, principal markets thous. of bu... 11,864 26, 573 17,419 17. 240 45,157 32, 698 20, 262 14,373 10, 216 13,085 12, 562 23,333 17, 381 Shipments, principal markets do 12.759 27.617 18, 061 9, 942 18, 994 16, 356 10, 969 8,827 5, 398 8,473 8, 656 20, 170 17,042 Stocks, commercial, end of mo do 23, 145 15,004 10, 489 9,899 23, 081 46, 645 52, 644 50, 889 49, 181 43, 741 39, 262 34, 568 30, 880 Oats: Exports, including oatmeal do 101 616 650 1,405 147 130 114 Price, wholesale, No. 3, white (Chicago) dol. per bu._ .29 .29 .31 .30 .32 Production (crop estimate) mil. of bu._ e 898 / 1.054 Receipts, principal markets thous. of bu__ 6, 673 9.703 24, 669 10, 128 7,707 4, 199 5, 658 6,221 4, 304 5, 769 4, 461 6. 303 4,540 Stocks, commercial, end of mo do 5,551 6, 837 20, 597 22, 026 22, 609 17,676 16, 919 15, 545 14, 958 12, 622 10,312 6, 784 5, 695 Rice: 283,341 Exports^ pockets (100 lb.). 220,315 322. 270 309, 896 215,914 351, 826 223, 534 298, 935 306, 891 302, 302 302, 102 274, 893 241,755 Tmports§ do ... 83, 257 40J 452 50,561 46, 483 39, 355 34, 816 39, 991 46, 344 41, 296 67, 608 PO, 116 84,857 75, 647 Price, wholesale, head, clean (New Orleans) dol. per lb. . . 033 .034 .034 .034 . 033 .033 .033 .033 Production (crop estimate) thous. of bu._ 50, 822 / 52, 303 Southern States (La., Tex., Ark., and Tenn.): Receipts, rough, at mills thous. of bbl. (162 1b.)_. 178 270 485 1, 625 3, 191 1.458 911 | 892 889 536 418 674 360 Shipments from mills, milled rice thous. of pockets (1001b.)__ 750 696 611 839 1,437 1,158 i 978 i 1,2-18 1, 003 929 790 1,017 902 Stocks, domestic, rough and cleaned (in terms of cleaned rice) end of month thous. of pockets (1001b.).. 851 1, 685 3, 568 3, 979 3, 695 3, 586 3,244 2, 893 2, 595 2, 092 California: Receipts, domestic rough basis (1001b.).. 270. 965 16." 480 i 269 219 260,721 477. 536 ! 444.297 I 212,534 262, 200 169. 184 229. 760 160, 345 203, 447 197.332 Shipments from mills, milled rice do 130,025 119,712 i 135,853 118,298 161, IS! 182. 438 | 136, 365 129,003 118,478 143, 617 136, 287 144,414 97, 767 Stocks, rough and cleaned (in terms of cleaned rice), end of mo....bags (100 lb.) __ 268, 269 190,500 177, 142 179, 446 301,531 I 3S2,4f,0 j 366,012 j 393,811 375, 056 350, 435 301, 497 264,633 258. 494 Rye: Exports, including flour thous. of bu_.. (a) 116 58 ! 2S3 307 0 I (a) (a) (a) Price, wholesale, No. 2 (Mpls.).. dol. per bu.. .43 .48 .41 .41 .41 .40 .46 .43 .51 Production (crop estimate) thous. of bu _ • 40.834 Receipts, principal markets do 1,470 1, 147 I 6,785 3. 452 i 2. 190 949 j 1,248 942 511 1,241 795 Stocks, commercial, end of mo do ._. 7. 708 1, 195 I 6, 825 7,761 ! 3,310 8, 102 i 8, 309 8, 126 7,724 I 7,630 7,153 6,813 I 7,384 •" Revised. a Less than 500 bushels. c No quotation. 1 August 1 estimate. f Dec. 1 estimate. JFor comparable monthly figures beginning 1918, see table 13, p. 17 of the March 1030 issue. *Ncw series. Data for price of milk beginning 1922 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18 of the August 1939 Survey. tRevised series. For revisions in condensed and evaporated milk production beginning January 1137, see p. 41 of the December 1938 Survey. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue. September 1939 SURVEY OF CURRENT BUSINESS 43

GRAINS AND GRAIN PRODUCTS- Continued Wheat: Exports: Wheat, including flour§ thous. of bu_. 7,414 12, 764 11, 498 5,358 5,720 6,917 6,970 12, 613 11, 946 11, 087 14, 489 6,033 Wheat only§ do 2,977 10, 844 9,623 3,483 3,104 4,893 4,430 10, 217 8,782 8,487 5,874 10, 672 3,929 Prices, wholesale: No. 1, Dark Northern Spring, (Minneapolis) dol. per bu_. .78 .78 .76 .73 .73 .77 .78 .77 .78 .86 No. 2, Red Winter (St. Louis) do.... .69 .66 .67 .69 .66 .70 .73 .73 .73 .76 .83 .73 No. 2, Hard Winter (K. C.) do.... .67 .70 .66 .65 .63 .67 .71 .69 .70 .76 .71 Weighted av., 6 markets, all grades,.do .68 .69 .68 .65 .65 .68 .73 .71 .80 .75 Production (crop est.), total mil. of bu_. •731 /931 Spring wheat do e 181 /244 Winter wheat do « 551 /687 Receipts, principal markets thous. of bu_- 99, 006 101, 195 61, 080 38, 477 27, 345 19, 110 14, 892 11,900 9, 512 13,748 16, 000 25, 525 44, 016 Shipments, principal markets do 30, 840 26, 726 25, 258 23, 291 23, 797 21, 696 18, 252 12, 758 9,251 11, 113 11,174 16, 851 14,423 Stocks, end of mo. world est do 260, 620 330,930 420,110 437, 340 439, 820 484, 150 467, 360 412, 390 379, 820 359, 730 319, 890 318,340 Canada (Canadian wheat) do 89,281 18, 726 65, 457 150, 665 173, 542 162, 375 161, 161 154, 325 144,817 139, 071 134, 085 112,987 98,123 United States, total* do.... 845, 292 656, 242 446, 906 295, 492 Commercial do 349,372 133, 725 139, 273 141, 914 136, 204 128, 748 118, 936 100,119 82, 689 74,851 64,178 ' 81, 334 Country mills and elevators* do 174,410 138, 598 92, 646 38, 291 Merchant mills* do 130, 198 107, 706 82, 481 85, 029 On farms* do 401,411 281,190 189, 090 90,838 Wheat flour: Consumption (Russell) thous. of bbL. 8,630 9,450 9,239 9, 737 9,445 9, 226 8, 351 8,110 Exports§ do 944 409 399 399 557 431 540 510 673 553 765 812 448 Grindings of wheat thous. of bu^- 39, 290 42, 098 44, 234 43, 896 40, 324 38, 357 38, 755 35, 447 41, 068 37, 698 39, 066 38, 927 Prices, wholesale: Standard patents (Mpls.) dol. per bbL. 4.74 5.43 4.97 4.91 4.81 4.91 5. 06 5.10 4.95 4. 79 4.87 5.23 5.16 Winter, straight (Kansas City) do 3.41 4.25 4.01 3.91 3.79 3.80 3.84 3.82 3.66 3.54 3.47 3.60 3.58 Production: Flour, actual (Census) thous. of bbL. 8,507 9,160 9,699 9,634 8.838 8,416 8,476 7, 757 8,951 8,244 8, 516 8,440 Operations, percent of capacity 55. 0 54.8 63.0 60. 5 59. 2 54.0 57.2 57.0 56. 0 55.7 55. 4 55. 0 a Flour (Russell) thous. of bbL. «9,193 9. 573 10, 094 10,548 10, 484 9, 286 9, 266 8,711 8, 512 9,142 8.916 «9,424 8, 043 Offal (Census) thous. of lb_. 702, 336 743, 993 770, 077 765, 608 704, 995 672,015 681, 624 625, 888 730, 612 665, 468 693,372 699,737 Stocks, total, end of month (computed by Russell) thous. of bbL. 5,808 6,049 6, 560 6,750 6, 200 5, 700 5, 550 5, 300 Held by mills (Census) do 4.314 4,317 3, 865 3, 641 LIVESTOCK Cattle and calves: Receipts, principal markets thous.of animals 1, 667 1, 630 1,946 2,017 2.306 1, 465 1,635 1,294 1, 467 1, 476 Disposition: Local siaugh ter do 971 952 1,103 1, 061 1,122 989 843 975 807 9»2 869 1, 068 934 Shipments total do 664 659 821 950 1,120 927 632 608 496 579 581 647 546 Stocker and feeder do 242 242 335 469 594 473 309 259 213 233 240 187 Prices, wholesale. (Chicago): Beef steers* dol. per 1001b.. 9.30 10.71 10.31 10.42 10.33 10. 03 10.13 10.35 10.17 10.29 10.02 9.68 9.22 Cattle, corn fed do 9.53 11.01 10.91 11.11 10.88 10 75 11.00 11.59 11. 36 11.44 11.22 10. 59 9.66 Calves, vealers do 9.68 9.25 10.20 10.84 10.70 10. 29 9. 63 10.38 11.19 10.31 9. 56 9.68 9.13 Hogs: Receipts, principal markets, thous.of animals-. ],948 1, 570 1,797 1,881 2, 255 2,607 2, 570 2,699 2, 205 2, 410 2,105 Disposition: Local slaughter do 1,394 1,122 1, 323 1,397 1, 660 1,903 1, 848 1, 928 1,398 1, 654 1,509 1,822 1, 535 Shipments, total do 546 444 465 479 587 691 726 754 566 ' 547 485 575 560 Stocker and feeder do ._. 35 32 35 26 28 33 43 41 38 45 44 43 Prices: 48 Wholesale, heavy (Chi.) dol. per 100 lb_. 6.03 8. 94 8.45 8.96 8.08 7.65 7.17 7. 18 7. 66 7.30 6.91 6.39 Hog-corn ratio* 6. 68 bu. of corn per cwt. of live hogs.. 13.1 15.9 16. 1 16.8 17.4 18. 1 16.0 15.4 16.4 16.0 14.5 11.9 Sheep and lambs: 13.2 Receipts, principal markets..thous.of animals_ 2, 042 1, 964 2, 664 2, 986 2,805 1,9-45 1, 552 1,746 1, 546 1, 760 1,993 1,711 Disposition: 1, 951 Local slaughter do 983 979 1,146 1,174 1,124 996 890 1. 063 953 1, 046 000 913 Shipments, total do 1, 040 992 1,495 1.786 1, 673 968 673 720 1,082 1,070 804 Stocker and feeder do 677 595 261 177 438 621 856 415 155 113 82 110 251 '884 167 Prices, wholesale (Chicago): 235 Ewes dol. per 100 lb_. 3.17 3.19 3.27 3.28 3. 35 3.73 3.7S 3.97 4.38 4. 78 5. 66 4 60 2.97 Lambs do 8.85 8. 56 7.93 7.56 7.68 8. 38 8. 59 8. 63 8. 54 8. 66 9. 36 9.38 9. 25 MEATS Total meats: Consumption, apparent mil. of lb-_. 1,053 965 1,070 1, 097 1. 092 809 043 1,105 '1,073 Exports* do 48 28 31 34 33 37 30 42 43 Production (inspected slaughter) do 1,033 937 972 1,005 1,073 1,177 .202 927 055 1,127 1, 083 Stocks, cold storaue, end of month do 699 601 548 459 413 701 784 701 r 740 Miscellaneous meats do 69 61 60 53 50 76 68 05 08 Beef and veal: I Consumption, apparent thous. oflb_^ 425, 905 498,910 479, 5S8 461,485 , 230 ', 303 402. 870 470, 125 '452,721 Exports § do 1, 525 1, 261 1, 248 1,192 , 105 841 710 1,030 I 1,114 Price, wholesale, beef, fresh, native steers (Chicago) _ ..dol. per lb^ .156 . 174 .170 .170 174 . 172 . 108 . 100 ' . 159 Production (inspected slaughter) thous. oflb_- 445,800 444.617 462, 1f>0 405. 838 477^ 452 467, 9?n 410. 42", - 300.023 400, 30*5 444,337 r Stocks, cold storage, end of mo do 33, 491 35, 925 34, 467 36. 943 41, 218 52, 637 58. 53. 30 806 34, 0f,0 33, 591 Lamb and mutton: Consumption, apparent do 53,011 55. 536 62,186 65. 392 63, 276 56, 375 54. 63 ' 51, 198 55, 530 r 53, 193 Production (inspected slaughter) do 53, 073 55. 392 62,112 65, 8S0 63. 588 56, 007 54, 63. - 50, 790 53, 238 Stocks, cold storage, end of month do 1, 892 1.972 1,861 2, 318 2, 606 3,171 3, , 112 1 050 1,7 01 1, 837 Pork (includinglard): Consumption, apparent do 547,199 tf)O. 647 486, 157 506,164 554, 066 574, 112 570.: 4f;3. ! 2^0 488 4 SO 570, i 70 • 50.7, 020 Exports, totalf do ___ 42, 223 22. 187 17, 329 25, 193 28, 332 27. 075 32,' 022 ."01 30,1 00 37, 403 Lardf do 25, 339 12,881 10, 842 18,790 21, 071 16. 009 19/ 157 17 531 25, ;<03 22, OSS 2 Prices, wholesale: Hams, smoked (Chicago) dol. perlb_. . 226 . 212 248 .200 ! 200 203 .2 07 Lard, in tierces: Prime, contract (N. Y.) do .061 .095 . 0% .083 oso .077 .074 I 073 . 073 070 007 .0 09 . 005 Refined (Chicago) do | .071 .106 .098 ! .097 092 . 090 .0S6 I . 084 .081 081 077 .0 70 . 075 r Revised. a Estimated. e August 1 estimate. / December 1 estimate. *New series. For data on United States wheat stocks beginning 1023, see table 20, p. 17 of the June 1039 Purvey. For data on hop-corn ratio beeinnins: 1913, see table 33, p. 18 of the June 1030 Survey. Data on exports of meat beginning 1013 not shown on p. 43 of the Ausrust 1039 Survey will appear in subsequent issue. For price of beef steers beginning 1913 see table 40, page LS of the August 19.^9 issue. tRovisod series. Data on exports of lard revised for period 1013-37 to include neutral lard; revisions, which also affect total exports of pork, will appear in a subsequent issue. ^Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey. 44 SURVEY OF CURRENT BUSINESS September 1939

FOODSTUFFS AND TOBACCO—Continued

MEATS—Continued Pork (including lard)—Continued. Production (inspected slaughter) total thous. of lb._ 534,284 436,978 448,180 443,756 531, 753 651, 636 756, 532 715,179 500, 769 563, 699 513,160 605,478 585,804 Lard do.... 94,453 72, 938 74,192 75, 838 89, 716 105, 533 134,776 132, 533 90,038 " "1,442 91, 858 106, 945 106, 218 Stocks, cold storage, end of month do 594,899 502,658 451, 397 367,177 319, 312 373,641 537, 525 658,489 667,419 652, 456 656, 746 659,587 645,173 Fresh and cured do 454,958 378,981 334, 777 277, 231 251, 645 299,142 430,104 526, 411 542,138 523, 204 527, 213 520,251 496, 796 Lard ..do.... 139,941 123,677 116, 620 89,946 67, 667 74, 499 107, 421 132,078 125, 281 129,252 129, 533 139,336 148,377 POULTRY AND EGGS Poultry: Receipts, 5 markets thous. of lb 27, 712 22,960 23,747 5,965 36 763 74,302 65, 855 23, 286 16, 744 17, 825 16, 217 24,427 28,494 Stocks, cold storage, end of month do.. 65,138 52, 640 54,941 ), 942 77 692 118,088 139,108 133,531 116,229 90,987 70,568 66,796 ' 67,470 Eggs: Receipts, 5 markets thous. of cases.. 1,161 1,035 646 574 760 1,041 2,065 2,311 Stocks, cold storage, end of month: r Case thous. of cases.- 7,017 6,411 5,942 4, 765 3 244 1,439 302 136 165 1,105 3,357 5,880 6,977 Frozen thous. of lb.. 143,021 135, 329 125,018 110,244 94 305 78,091 62.903 50,345 44, 476 60, 465 117,900 141,456 Cocoa TROPICAL PRODUCTS Imports long tons.- 16,093 21,180 40,630 18,147 12 117 8,930 15, 887 18,143 33, 297 43, 792 32, 052 28,889 14,130 Price, spot, Accra (N. Y.) _.dol. per lb_. .0433 .0526 .0532 .0524 .0499 .0462 .0437 .0460 .0468 .0448 .0446 .0436 Cofiee: Clearances from Brazil, total.-thous. of bags.- 1,217 1, 305 1,591 1,526 1 598 1,218 1,451 1,191 1,222 1,305 1,232 1,638 1,563 To United States do. 724 683 819 818 861 775 785 662 697 694 610 767 774 Imports into United States do. 1,055 1,190 1,145 1,189 1 147 1,386 1,325 1,423 1,086 1,497 1,017 1,187 1,302 Price, wholesale, Rio No. 7 (N. Y.) dol. per lb.. .051 .049 .054 .056 055 .055 .053 .053 .052 .051 .051 .052 .053 Receipts at ports, Brazil thous. of bags.. 1, 616 1,214 1,624 1,792 1 615 1,421 1,700 1,295 1,033 1,279 1,341 1,498 1,290 Visible supply, total, excl. interior of Brazil thous. of bags- 8,079 7,276 7,621 7 468 7,409 7,836 7,816 7,740 7,757 7,916 8,249 7,960 United States do... 781 727 701 858 721 914 855 860 867 805 857 Sugar: Raw sugar: Cuba: Stocks, total, end of month thous. of Spanish tons.. 1,846 1,868 1,554 1,316 1 014 784 750 725 1,407 2,580 2,621 2,263 2,038 United States: Meltings 8 ports long tons.. 362,129 382, 948 391, 543 425, 588 375 935 292, 036 247, 226 261, 257 247,112 371,979 401, 523 328, 213 304, 631 Price, wholesale, 96° centrifugal (N. Y.) dol. per lb.. .029 .028 .028 .030 031 .030 .029 .029 .028 .028 .029 .029 .029 Receipts: From Hawaii and Puerto Rico long tons.. 115,750 158, 276 113, 822 142. 271 116,173 56,139 98, 038 62, 317 122,969 183,880 184, 440 137,011 127, 764 Imports§ do— 316, 242 211,077 347, 381 311,574 213.840 111,170 46,066 63, 481 116,014 228,690 200, 084 184, 364 256,265 Stocks at refineries, end of month..do... 351,005 282, 876 334. 246 308,086 269, 978 215, 388 194, 732 199, 056 241, 039 236, 666 271,306 357,250 382,443 Refined sugar (United States) : Exports, including maple do— 8,723 4,958 5,134 6,428 5, 625 5,003 4,472 4,018 5,344 5, 532 3,641 14,529 6,557 .050 .050 .050 .049 .049 .050 .050 . 050 .049 .049 .049 .050 .050 Price, retail, gran. (N. Y.) dol. per lb.. .044 Price, wholesale, gran. (N. Y.) do— .043 .044 .043 .045 .046 .045 .044 .042 .042 .044 .044 .044 Receipts: 3,846 1,339 9,479 4,183 17, 734 23, 352 From Hawaii & Puerto Rico-.long tons.. 2,908 1,335 1,208 16, 662 18, 076 Imports: 32,145 40, 044 59,872 11,791 2,293 0 328 1,413 5,187 18, 230 10, 336 18, 870 24, 599 From Cuba§ do— 1,451 6,189 6,563 2,995 4,287 2,532 987 536 2, 223 2,979 6,495 9,191 9,393 From Philippine Islands§ do— Tea: 6,798 5,270 6,253 7, 528 7,959 7,603 7,931 8,576 6,866 8,785 6,724 Imports thous. of lb_. Price, wholesale, Formosa, fine (N. Y.) .280 .280 .280 .280 .280 .280 .280 .280 .280 .280 .280 .280 dol. per lb.. 170,197 182, 558 189, 983 214,017 231, 628 243, 223 252, 634 234, 468 205,084 182, 681 168, 308 161,255 Stocks in the United Kingdom.-thous. of lb.. MISCELLANEOUS FOOD PRODUCTS 11,185 10, 359 13,053 22, 945 21,401 I 23,656 21,243 17,717 18,195 18,886 16, 223 15,169 12. 696 Candy, sales by manufacturerst-thous. of dol. 41,665 39, 254 46, 898 37, 460 40,276 34,701 27,112 23,070 25, 652 30, 983 41, 554 43,546 38,323 Fish: 653,102 814, 883 1,112,465 899, 579 539, 699 716,458 487, 357 525,662 524, 393 221, 785 Landings, fresh fish, prin. ports_thous. of lb.. 524, 250 257, 564 Salmon, canned, shipments cases. 59, 985 66,716 75,882 85, 665 93, 024 77,088 62,253 40,423 29, 756 35, 295 r 46, 965 Stocks, cold storage, total, 15th of month thous. of lb. Gelatin, edible: 953 1,063 1, 056 924 1,082 1,364 1,518 1,554 1,437 1,538 1,546 1,641 1,444 Monthly report for 7 companies: 1,353 1,400 1,994 1,397 1,445 1,226 1,242 1,301 1,335 1,557 1,178 1,418 1,468 Production do.__ 6,096 6,615 6,014 5,542 5,179 5,317 5,593 5,845 5,948 5,929 6,296 6,520 6,496 Shipments do_._ Stocks do... 3,909 5,234 6,340 6,323 Quarterly report for 11 companies: 7,956 8,004 8,909 9,478 Production do... Stocks TOBACCO do__. Leaf: Exports§ thous. of lb. 15,940 13, 467 35, 219 60, 379 82,034 55,167 54, 217 28,013 37, 502 44, 333 21, 777 24, 502 17,146 Imports, incl. scrap§ do... 6,463 10,435 6,284 5,324 6,289 5,641 4,797 5,820 5,492 6,592 4,783 7,765 6,865 Production (crop estimate) mil. of lb. e 1, 656 •/I, 379 Stocks, total, incl. imported types, end of quarter mil. of lb _ 2,343 !,367 2,136 1,912 1,703 Flue-cured, fire-cured, and air-cured..do.__ 1,946 r Cigar types do_._ 323 334 318 Manufactured products: Consumption (tax paid withdrawals)^ Small cigarettes millions. 14,260 13, 784 15,892 14,711 13,264 13, 506 12, 656 13, 863 11, 782 14, 244 12, 269 15,445 16,595 Large cigars thousands- 427, 532 420,510 477, 596 486, 482 525, 662 515, 859 333, 982 349,497 361, 233 437, 584 403,042 470, 580 486, 721 Manufactured tobacco and snuff thous. of lb. 26, 246 27,544 30,473 30,577 27,869 30, 940 27,126 26,914 25,425 29,594 25,62 30,499 30,107 Exports, cigarettes! thousands- 691, 696 466,561 502, 491 410,493 631,023 518, 943 576,210 451,194 623, 889 562, 225 424, 857 592, 851 593, 218 Production, manufactured tobacco: Total thous. of lb. 24, 954 27, 756 27. 327 24, 969 28,111 24, 825 23,260 22, 571 26,052 22, 895 27,150 Fine cut chewing do 378 409 403 358 363 382 372 319 423 325 395 Plug do 4,701 5,140 5,023 4,344 4, 266 4,290 3,419 4,145 4,322 4,076 4,974 Scrap chewing do 5,443 3,709 3,655 2,151 4,563 4,133 3,419 2,924 3,365 3,023 3,501 Smoking do 14, 005 17,962 17, 812 17, 671 18, 503 15, 580 15,650 14, 711 17, 451 15,045 17, 747 Twist do 426 537 433 444 415 440 400 471 491 426 534 ••Revised. * August 1 estimate. / Dec. 1 estimate. JFor monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p,17, of the January 1939 issue § Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939issue. September 1939 SURVEY OF CURRENT BUSINESS 45

TOBACCO—Continued Manufactured products—Continued Prices, wholesale: Cigarettes dol. per 1,000.- 5.513 5 513 5 513 5.513 5 513 5.513 5.513 5 513 5.513 5.513 5.513 5.513 5.513 Cigars do .- 46. 056 46 056 46 056 46.056 46. 056 46.056 46.056 46. 056 46.056 46.056 46. 056 46.056 46.056

FUELS AND BYPRODUCTS

COAL Anthracite: Exports§ thous. of long tons.. 160 112 100 129 149 127 143 165 154 143 137 336 194 Prices, composite, chestnut: Retail dol. per short ton 11.02 11.49 11 35 10.55 Wholesale do 8.667 9,231 9.431 9.602 9.605 9.713 9.706 9.731 L642 9.078 9.154 9.148 Production. thous. of short tons.. 2,913 r 2, 580 2,729 3,337 4,165 3,728 4,471 4,953 4,114 3,604 5,296 5,073 r 3, 530 Shipments do 2,611 2,361 2,336 2,888 3,519 3,167 3,849 4,047 3,382 3,232 4,842 4,206 Stocks, end of month: 2,959 In producers' storage yards do 716 1,757 1,924 2,121 1,917 1,901 1,458 1,046 761 408 86 238 In selected retail dealers' yards 559 number of days' supply.. 61 63 44 63 51 37 29 25 22 35 Bituminous: 71 Exports! thous. of long tons.. 1,192 956 1,093 1,032 1,107 1,092 489 277 282 348 207 250 Industrial consumption, total thous. of short tons.. 21,769 18, 862 20,346 21,116 23, 734 24, 921 26,533 26,185 24,183 25, 786 22, 390 20, 518 • 21, 521 Beehive coke ovens do 72 69 79 88 100 110 123 121 111 107 31 39 81 Byproduct coke ovens do 4.748 3,085 3,534 3,770 4,360 4,622 4,742 4,751 4,346 4,855 4,114 3,383 4,361 Cement mills do 559 478 478 430 486 441 342 212 244 368 402 416 530 Coal-gas retorts do 124 127 128 130 134 138 144 149 137 143 131 125 r 123 Electric power utilities do 3,538 3,038 3,315 3,338 3, 575 3,530 3,684 3, 595 3,051 3,168 2,827 3,032 '3,317 Railways (class I) do 5,903 5,482 5,662 5,938 6,663 6,597 7,161 7,149 6,545 6,970 6,042 5,915 r 5, 748 Steel and rolling mills do 665 583 660 652 736 803 837 858 759 805 823 678 671 Other industrial do 6,160 6,000 6,490 6,770 7,680 8,680 9,500 9,350 9,370 8,020 6,930 6,690 Other consumption: Vessels (bunker) thous. of long tons.. 97 100 99 95 112 129 81 68 92 105 79 Coal mine fuel thous. of short tons,. 202 172 211 237 258 265 261 249 259 122 195 Prices: Retail, composite, 38 cities dol. per short ton.. 8.54 ;. 68 8.28 Wholesale: Mine run, composite do 4.243 4.297 4.296 4.299 4.299 4.299 4.298 4.290 4.286 4.283 4.421 4.464 4.246 Prepared sizes, composite do 4.275 4.434 4.469 4.524 4.576 4.565 4.557 4.544 4.520 4.491 4.345 4.300 4.238 Production thous. of short tons.. 29, 490 23, 367 28, 665 32, 286 34, 989 35,925 36,541 35,530 33, 910 35, 290 10, 747 17, 880 • 27, 900 Stocks, industrial and retail dealers, end of month, total thous. of short tons.. 29, 575 33,615 34, 579 36, 507 39,024 40,821 40,720 39, 720 39, 887 40, 505 31, 746 25, 413 • 26, 991 Industrial, total do 24, 625 27, 265 27, 719 29, 377 31, 324 33, 321 33, 670 33, 270 34,087 35, 225 28, 226 22, 613 • 22, 761 Byproduct coke ovens do 4, 535 5,364 5,540 5,952 6,459 7,173 7,462 7,374 7,373 7,222 4,434 2,598 3,548 Cement mills. _ do 342 275 299 313 330 346 349 350 403 414 321 275 286 Coal-gas retorts do 191 277 279 263 258 264 252 236 220 217 179 129 ••170 Electric power utilities do 6,963 7,905 7,834 8,029 8,195 8,413 8,491 8,379 8,456 8,760 7,642 6,740 ' 6, 695 Railways (class I) do 4,243 4,532 4,556 4,672 5,052 5, 315 5,629 5,819 6,736 7,603 6,387 5,196 r 4, 484 Steel and rolling mills do 511 652 651 638 620 650 687 742 879 1,029 803 545 '518 Other industrial do.... 7,840 8,260 8,560 9,510 10,410 11,160 10, 800 10, 370 10,020 9,980 8,460 7,130 7,060 Retail dealers, total do 4,950 6,350 7,130 7,700 7,500 7,050 6,450 5,800 5,280 3,520 2,800 4,230 COKE Exports thous. of long tons.. 39 39 33 55 40 38 27 25 23 21 18 37 43 Price, beehive, Connellsville (furnace) dol. per short ton.. 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 3.750 Production: Beehivet thous. of short tons.. 47 ' 42 50 56 63 70 79 77 71 20 25 52 Byproduct! do 3,365 2,177 2,494 2,675 3,093 3,278 3,363 3,367 3,078 3,439 2,915 2,396 3,090 Petroleum coke do 148 111 147 153 142 126 117 128 142 132 142 Stocks, end of month: 138 Byproduct plants, total do 2,772 3,564 3,709 3,675 3,716 3,745 3,610 3,330 3,116 3,037 2,967 2,751 2,657 At furnace plants do 945 1,460 1,453 1,392 1,334 1,307 1,291 1,241 1,242 1,198 1,091 951 931 At merchant plants do 1,827 2,104 2,256 2,283 2,382 2,438 2,319 2,089 1,874 1,839 1,876 1,800 1,726 Petroleum coke do 610 651 623 654 678 708 717 705 694 734 716 710 PETROLEUM AND PRODUCTS t Crude petroleum: Consumption (runs to stills).-.thous. of bbL- 99, 856 101, 352 96, 990 100, 787 97, 309 97, 964 99, 614 87, 797 98,917 99, 303 105, 755 104, 687 Imports§ do 3,061 2,669 1,720 1,584 2,647 2, 3,08 2,678 1, 371 1,343 1,736 2,788 4,186 3,279 Price (Kansas-Okla.) at wells-_.dol. per bbL. 1.160 1.160 1.160 1.040 .960 .960 .960 .960 .960 .960 .960 .960 Production thous. of bbl._ 102, 898 106,165 101, 830 98, 567 102, 287 102,490 93, 475 106,768 105, 510 110, 541 104, 607 Refinery operations pet. of capacity. . 79 79 79 77 78 76 77 83 85 Stocks, end of month: California: Heavy crude and fuel .thous. of bbL. 84, 724 85,132 86, 705 87, 222 87, 399 87, 222 87, 595 87,002 86, 294 86,075 85, 580 85,049 Light crude do 33,138 33, 548 33, 975 34,999 36,064 37,193 36,927 38, 323 39,383 39, 699 39, 878 38,902 East of California, total do 247, 361 243, 952 240, 251 233, 463 228, 741 229,140 227,134 227,098 229,079 230, 926 230, 279 226, 462 Refineries do 43, 674 42, 724 42, 979 41,131 40, 386 41, 221 42, 540 41, 777 41,154 40,180 40, 445 41, 463 Tank farms and pipe lines do 203, 687 201, 228 197, 272 192, 332 188, 355 187,919 184, 594 185, 321 187, 925 190, 746 189, 834 184, 999 Wells completed number.. 1,539 1,648 1,601 1.715 1,572 1,419 1,385 1,338 1,252 1,419 1,656 1,608 Refined petroleum products: Gas and fuel oils: Consumption: Electric power plantsf thous. of bbL. 1,556 1,206 1,207 1,094 1,101 1,193 1,243 1,236 1,116 1,134 1,242 1,346 r 1, 354 Railways (class I) do 3,811 3,898 3,815 4,199 4,010 4,111 3,957 3,640 4,033 3,890 3,870 3,999 yessels (bunker) do 3,207 2,969 2,916 2,925 ?,788 2,771 2,925 2,587 2,904 3,076 3.341 3,520 3,343 Price, fuel oil (Oklahoma) dol. per bbL_ .850 .925 .925 .925 .925 .925 .925 .895 .850 .850 .850 .850 .850 Production: Residual fuel oil thous. of bbL. 23, 547 24, 232 24, 552 25,487 24, 573 25,197 25, 800 21, 476 25, 040 24,750 27,022 24, 836 Gas oil and distillate fuels, total do 12,688 12, 691 13, 074 13,820 12, 793 13, 873 14,135 12, 797 13, 539 13, 301 12, 353 13, 530 ' Revised. tRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Beehive and by-product coke production revised for 1937; see p. 45 of the December 1938 Survey. Gas and fuel oils, consumption in electric power plants, revised for 1938; see p. 45 of the June 1939 Survey. §Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 46 SURVEY OF CURRENT BUSINESS September 1939

PETROLEUM AND PRODUCTSf— Con. Refined petroleum products—Continued. Gas and fuel oils—Continued. Stocks, end of month: Residual fuel oil, east of California thous. of bbl_. 32, 285 32, 874 33, 661 33, 344 30,935 26,991 24, 309 21,952 19, 288 19, 534 21, 397 22, 480 Gas oil and distillate fuels, total do 26, 620 28,841 30, 860 33,017 32, 069 27, 873 24, 650 21, 731 20,115 21, 058 22,088 25, 659 Motor fuel:! Demand, domestic thous. of bbL. 47, 474 50, 459 46, 058 46, 272 44,991 41, 649 37, 767 34, 595 42, 520 43,977 49, 547 49,812 Production, total do 48,913 50, 071 48, 208 49,789 48, 201 48, 026 49,120 43, 409 48. 367 48, 837 51, 384 50, 861 Benzol do 114 133 144 169 181 186 185 170 192 162 130 174 Straight run gasoline do 21,020 21, 524 20, 934 21, 383 20, 397 20, 794 21,125 18,455 20, 663 20, 922 22. 767 21, 782 Cracked gasoline do 23,652 24,188 23, 049 23,862 23, 379 22. 701 23, 546 21, 037 23, 280 23, 521 24, 207 24. 810 Natural gasoline do 4 127 4,226 4,081 4, 375 4,244 4, 345 4, 264 3,747 4,232 4,232 4,280 4.095 Natural gasoline blended do 2, 935 2, 950 3,329 4,432 4,222 4, 285 3.637 3,229 3,243 2.983 2.646 2, 682 Exports do 3.597 3, 998 3, 068 3, 572 3,205 4, 607 2,764 2,569 3,523 2,900 3,915 3,884 Gasoline-1 Price, wholesale, tank wagon (N. Y.) dol. per eal .107 127 .124 .124 .124 .124 .119 .119 .119 .118 .114 .118 .111 Price, wholesale, refining (Okla.) do._. .050 '. 055 . 055 . 051 . 046 . 046 . 043 .041 .042 .045 .047 .049 .050 Price, retail, service stations, 50 cities-do . 141 .140 .138 .131 . 133 .134 .133 .133 .133 .134 . 135 . 136 Retail distribution! mil. of gal _ 1,989 2,088 1, 909 1,890 1, 762 1,745 1,548 1,427 1,734 1,796 2, 042 Stocks, end of month: Finished gasoline, total thous. of bbL 70, 224 64,599 63,163 63. 542 64, 083 65. 949 73,817 79,691 81,189 81, 623 78, 342 74, 395 At refineries do... 43,001 40, 137 38, 819 38, 739 39, 376 41,805 49,419 54, 569 55, 464 55,172 52, 076 47, 972 Natural gasoline do 7,614 8,022 8,159 6, 771 5, 742 4,830 4, 647 4, 708 4,721 5,484 6,212 6,749 Kerosene: Conqimption, domestic do.. _ 3,752 4,292 4,187 5,185 5, 368 6,813 5,980 5,901 5,201 5,042 4, 368 3,570 Exports § do 753 210 597 797 646 323 783 776 516 523 691 631 460 Price, wholesale, water white 47°, refinery (Pennsylvania) dol. per gal. .051 .053 . 052 .051 .050 .049 .049 .052 .053 .053 .053 .053 Production thous. of bbl. 4 889 4. 933 5, 348 5] 320 5,419 5,739 5. 702 5,174 5,900 5,813 5,909 5,439 Stocks, refinery, end of month do__^ 10,112 10, 149 10,497 9, 949 9, 676 6,711 5,452 5.605 5, 663 6,551 7,949 Lubricants: Consumption, domestic do... _ 1, 844 2,002 2,127 1, 805 1, 735 1,831 1,609 1, 653 1,987 1,770 2, 132 1,902 Price, wholesale, cylinder, refinery (Penn- sylvania) dol. per gal .105 .106 . 105 .105 .105 . 105 . 105 .105 .105 .105 .105 . 115 .105 Production thous. of bbl _ 2. 631 2, 576 2 632 2, 535 2, 384 2. 527 2, 664 2,672 2, 856 2,800 2.^15 2, 522 T Stocks, refinery, end of month do.._ 8,194 7, 969 7, 605 7'. 718 7,817 7, 695 7, 762 7,951 7, 800 7,886 7, 630 7, 427 Asphalt: Imports§ short tons.. 1, 726 1.208 2. 844 1.923 1, 649 3, 461 2, 078 2.869 9,662 ' 3, 232 ' 1.521 2,505 3.024 Production do... 475. 800 514,400 456, 300 464. POO 322, 700 242, 400 244. 400 189, 300 308, 200 374,900 477. 800 485. 800 Stocks, refinery, end of month do_._ 633,200 566, 400 471,100 442, 200 447. 600 4S0. 900 532, 000 572, 000 650,000 688, 000 672, 000 642, COO Wax: Production thous. oflb. 30. 240 31,020 36, 400 42, 000 37, 520 36,120 35, 280 33, 320 44.800 35, 000 34, 440 39, 480 Stocks, refinery, end of month do_._ 135,911 131,103 129.018 128,926 131,772 129,340 128,627 117,711 117,537 119, 301 113,925 111.604

LEATHER AND PRODUCTS

HIDES AND SKINS Imports, total hides and skins§ thous. of lb. 22. 682 14,903 16,266 16, 897 19, 803 24,399 25, 657 32, 826 28,189 29,196 25, 454 27, 026 22, 563 Calf and kip skins§ do 2. 685 2,144 3,175 2,133 2,116 3,440 3,972 3,563 2,809 2,380 2, 505 1,939 2,302 Cattle hides§ do.... 7,128 5,393 2,716 5,670 7,527 10, 725 9.588 13,528 13, 200 11,771 11,374 10, 388 8, 034 Goatskins § do 5. 236 4, 795 5,223 5,498 4,945 6,122 6,075 6,317 6,189 6,769 5,260 6, 332 5, 214 Sheep and lambskins§ do 4,619 1,941 4,341 2,282 3,641 2,685 4,468 7,901 3,975 4,436 4, 858 5, 189 4, 385 Livestock (inspected slaughter): Calves thous. of animals.. 417 436 457 453 470 457 417 415 385 478 457 509 448 Cattle do.... 782 820 848 917 884 858 758 761 653 774 677 814 778 Hogs do 2,778 2, 254 2,467 2,671 3,311 3,913 4,346 4,043 2,890 3,229 2,931 3.416 3,185 Sheep do 1, 399 1,461 1,603 1,694 1,638 1,453 1,347 1,456 1,361 1,473 1,224 1,392 1,401 Prices, wholesale (Chicago): Packers', heavy, steers dol. perlb.. . 115 .111 .119 .120 .134 .141 .123 .121 .104 .107 .097 .105 .110 Calfskins, packers', 8 to 15 lb do . 161 .139 .145 .143 .161 .163 .157 .163 .154 .154 .145 . 156 . 164 LEATHER Exports: Sole leather thous. of lb_. 53 60 41 49 42 26 6 14 92 46 82 47 Upper leather § thous. of sq. ft.. 3,428 3, 669 3,738 3,709 4,651 3,420 3,689 3,097 3,492 4,197 3,585 3,816 3,640 Production: Calf and kip thous. of skins.. 1,222 1, 349 1,114 1,100 1,138 1,284 1,319 1,326 1,329 1,168 1,187 1,226 Cattle hides thous. of hides.. 1,407 1,764 1,717 1,755 1,786 1,882 1,936 1,943 1,955 1,672 1, 736 1,718 Goat and kid thous. of skins.. 2,394 2, 755 2,336 2,525 2,634 3,245 3,185 3,170 3,623 3, 463 3, 473 3,595 Sheep and lamb do 2,308 3, 226 2,716 2,822 2,872 2,899 2,899 3,236 3,115 2,774 3,015 3,041 Prices, wholesale: Sole, oak, scoured backs (Boston) dol. per lb_. .305 .315 .318 .320 .320 .324 .318 .315 .303 .291 .290 .290 .294 Upper, chrome, calf, B grade, composite dol. per sq. ft.. .380 .377 .378 .378 .385 .392 .390 .393 .390 .380 .380 .380 .380 Stocks of cattle hides and leather, end of month: Total thous. of equiv. hides.. 13, 865 13,331 13,244 13.440 13,885 13,996 13,602 13,375 13,009 12,813 12,905 13, 002 In process and finished do 10,014 9,666 9,540 9, 665 10, 074 10, 301 9,868 9, 699 9,229 9,026 '9, 178 9,180 Raw do 3,851 3, 665 3,704 3,775 3,811 3,695 3,734 3,676 3,780 3,787 3,827 3,822 LEATHER MANUFACTURES Gloves and mittens: Production (cut), total dozen pairs. 150, 480 181,791 173, 882 183, 667 162, 797 135, 759 119,257 153, 409 174,937 148, 420 149, 591 184, 099 Dress and semi-dress _ _ . do . 92, 255 112,736 106, 761 115,942 102, 725 74, 065 63,177 93,123 103, 739 81, 850 88, 480 111,927 Work do... 58, 225 69,055 67,121 67, 725 60,072 61. 694 56,080 60, 286 71,198 66,570 61,111 72,172 r Revised. fFor petroleum and petroleum products, see note marked with a" t" on p.45. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June 1939 Sur vey will appear in a subsequent issue. 1 The gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive figures or total production of motor fuels, as shown here. Earlier data for benzol production will appear in a subsequent issue. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. September 1939 SURVEY OF CURRENT BUSINESS 47

LEATHER MANUFACTURES-Continued Shoes: Exports thous. of pairs.. 184 136 164 191 200 138 113 108 195 310 223 304 Prices, wholesale, factory: Men's black calf blucher dol. per pair.. 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 Men's black calf oxfordf do 4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 '4.70 Women's colored calf do 3. 00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Production, boots, shoes, and slippers: Total thous. of pairs_. 33, 489 30, 742 42, 252 38,280 35,012 30, 054 29,988 33,561 35, 457 42, 375 32, 578 32, 222 •31,776 Athletic do 268 187 295 263 282 304 331 260 237 281 275 307 295 All fabric (satin, canvas, etc.) do 256 314 291 319 303 305 355 457 530 760 591 526 '454 Part fabric and part leather do 380 202 405 331 315 354 476 652 778 832 641 355 '291 High and low cut, total do 28, 668 26,546 36, 247 31,987 27, 799 22, 556 24,359 30,149 31, 400 37,132 27, 842 27. 161 " 26, 326 Boys' and youths' do 1,456 1,426 1,958 1,803 1,638 1,553 1,426 1, 414 1,302 1,545 1,407 1,404 1, 390 Infants' do 1, 826 1,576 1,845 1,818 1,878 1,886 1,775 1,987 1,940 2,256 1,951 1, 825 1,971 Misses' and children's do 3,377 3,314 4,090 3,859 3,583 3,132 3,399 3,740 3,711 4,505 3,122 3. 435 ' 3, 579 Men's do 7, 628 7,027 10, 067 9, 568 9,250 8, 691 8, 403 8,876 8,645 9,930 7,680 7,739 ' 7,888 Women's do 14, 381 13, 204 18, 287 14,940 11,451 7,295 9,355 14,132 15, 801 18, 894 13,683 12,757 •11,498 Slippers and moccasins for housewear thous. of pairs.. 3, 594 3,108 4,692 5,115 6,078 6,422 4,297 1,695 1,983 2, 651 24,464 3, 002 ' 3, 702 All other footwear do 323 384 322 264 236 114 170 348 530 721 765 871 '708

LUMBER AND MANUFACTURES

LUMBER—ALL TYPES Exports, total saw mill products* M bd. ft. 115,264 77,923 69, 217 76, 825 78,184 66,934 93, 247 70, 652 70, 727 92,980 82, 956 98, 932 112, 130 Sawed timber * do 19, 698 13,066 6, 960 8,827 10,077 10, 205 13, 289 10, 633 10,879 21, 766 16, 586 18.819 17,984 Boards, planks, scantlings, etc do 92. 051 64, 857 62, 257 67,998 68,107 56, 729 79,958 57, 969 59,228 65, 505 61, 726 73, 430 89, 254 Imports, total saw mill products* do 53, 021 36, 629 49,128 58,022 60,977 50, 232 46,884 49, 521 47, 803 62, 591 58, 292 48, 941 54, 692 National Lumber Mfrs. Assn.: Production, total mil. bd. ft_. 1,938 1,606 1,998 1,901 1,790 1,675 1,505 1,582 1,493 1,808 1,771 2,132 2, 036 Hardwoods do 272 204 222 237 239 246 233 295 293 302 266 271 270 Softwoods. _ - do 1.6C6 1, 402 1,776 1,664 1, 552 1,429 1,271 1,287 1,200 1,506 1, 505 1. 861 ], 766 Shipments, total do 1,959 1, 775 2,033 1,843 1,847 1,789 1,593 1,662 1,581 1,995 1, 828 2,117 2,061 Hardwoods do 324 267 283 293 295 311 263 308 282 307 307 328 Softwoods. -_ do 1,635 1,508 1,750 1,550 1,552 1,478 1,330 1,355 1,300 1,667 1,521 1,810 1,733 Stocks, gross, end of month, total do 7,979 8,511 8,481 8, 560 8,506 8,442 8,373 8,309 8,209 8,038 7,997 8, 024 8, 006 Hardwoods do 1,844 2, 259 2,200 2,155 2,099 2,058 2,069 2,055 2,061 2.021 1,984 1, 048 1,896 Softwoods do 6,135 6,252 6,281 6, 405 6,407 6,384 6,304 6, 254 6,148 6,017 6,013 6, 075 6, 310 FLOORING Maple, beech, and birch: Orders, newt M bd. ft.. 8,100 7,900 7, 450 5,400 7,000 6,200 6,500 7,450 5,400 6,550 8,100 7, 550 6, 850 Orders, unfilled, end of month do 11,900 9,600 9,850 8,800 10, 600 11,200 13,000 14, 700 15, 200 14,000 14,000 14. 200 12, 400 Production do 6, 200 5,400 7,000 6,300 5,400 6,100 6,200 6,000 5, 580 5,300 5,600 5, 650 7, 400 Shipments do 8, 300 6,400 7,250 5,950 5,200 5,500 4,900 5,900 4,850 7,400 7, 200 7, 600 8, 200 Stocks, end of month do 16, 600 20,000 19,950 20,350 21,000 21,600 23,350 23,800 24,350 22, 600 21,000 18, 850 18, 400 Oak: Orders, new do 36, 713 58, 516 36,943 26, 575 41,133 30, 891 26,659 36,868 26,910 28,144 26,128 32, 937 36, 058 Orders, unfilled, end of month do 39, 523 59,906 55, 338 47,416 56,393 55, 724 52, 697 60,649 56, 482 51,675 47,199 41,137 39, 793 Production do 34,126 30, 762 42, 468 39,035 36,188 35,139 31, 720 28, 463 27, 640 29,639 28,565 35. 447 34, 268 Shipments do 36, 985 35,989 41,511 34, 497 32,156 31, 560 27, 686 26,916 27, 308 31,951 30, 604 37, 999 37, 401 Stocks, end of month do 76, 165 78,663 79, 620 84,158 88,190 91, 769 94,181 95, 228 94,730 92,445 87,191 83, 635 79, 503 SOFTWOODS Fir, Douglas: Exports, total saw mill products*._M bd. ft__ 48, 105 26, 847 16, 250 20, 077 24, 606 18, 569 30, 008 24, 554 25, 972 34, 545 29,486 36, 570 45, 028 Sawed timber do 11,507 8, 636 2,222 4. 365 5.322 4, 061 0,015 5. 929 5, 696 14, 950 11, 485 12, 193 10, 992 Boards, planks, scantlings, etc do 36, 598 18, 211 14, 028 15,712 19, 284 13, 608 21,083 18, 625 20, 276 19, 595 18, 001 24,377 34, 036 Prices, wholesale: No. 1. common boards,, dol. per M bd. ft.. 18. 620 17. 640 17.640 17.640 18.008 18. 424 18. 620 18. 620 18. 620 18. 620 18. 620 Flooring, 1x4, "B" and better, V. G. dol. pvT M bd. ft. 37. 240 35. 770 36. 260 36. 260 35. 770 35. 280 35. 280 35. 280 36.000 34. 300 35. 280 35. 280 36. 505 Southern pine: Exports, total saw mill products*_M. bd. ft.. 30, 028 23, 332 26, 156 25, 479 26, 460 22,166 26, 925 19, 609 18, 496 25, 314 20,857 24, 740 23, 476 Sawed timber do 7,916 4,245 4,632 4,197 4, 527 5,190 4,012 4,326 4,709 6,706 4,954 6,168 6, 668 Boards, planks, scantlings, etc do 22,112 19,087 21, 524 21, 282 21,933 16. 976 22,913 15, 283 13, 787 18,608 15,903 18, 572 16, 808 Orders, newt mil. bd. ft._ 569 724 622 612 710 539 473 557 491 604 558 608 614 Orders, unfilled, end of month do 341 343 304 296 364 323 307 330 327 343 360 346 347 Price, wholesale, flooring, .dol. per M bd. ft_. 39. 38 40.78 41.41 41.46 41.22 42.09 41.01 40. 76 39. 86 40.30 30 07 40. 30 39.00 Productionf mil. bd. ft.. 571 570 630 639 578 530 508 540 495 570 548 614 578 Shipmentsf do 575 667 661 620 64? 580 489 534 494 588 541 622 613 Stocks, end of month do 2,052 2, 201 2,170 2,189 2,125 2,075 2, 094 2,100 2,101 2, 002 2, 099 2, 091 2,056 Western pine: Orders, new do 432 442 399 333 347 386 391 279 248 313 367 401 444 Orders, unfilled, end of month do 267 276 253 201 ISO 255 283 247 213 211 236 233 253 Price, wholesale, Ponderosa pine, 1 x 8, no. 2, common (f. o. b. mills) ._dbl. per M bd. ft.. 25.42 21.32 22.49 22.17 21.91 22.04 22. 92 24.30 25.24 25.13 24. 81 24. 90 25. 08 Productionf rail. bd. ft.. 484 432 536 488 430 305 238 181 153 233 349 498 520 Shipments t do 418 374 475 411 388 335 322 299 267 316 339 405 428 Stocks, end of montht do 1,943 2.037 2, J09 2,139 2,104 2, 014 1,782 1,C99 1, 709 1,802 1,888 West Coast woods:^ Orders, new do 547 524 537 411 444 555 451 445 426 602 513 660 572 Orders, unfilled, end of month do 487 381 334 2S2 264 324 361 388 383 373 376 402 437 Production do 477 354 578 466 471 518 416 446 434 563 482 609 522 Shipments do 487 413 584 463 471 495 414 413 431 612 509 634 535 Stocks, end of month do 946 895 905 920 935 986 1,021 1,024 982 970 955 950 r Revised. IData for August and November 1938 and March and May 1939 are for 5 weeks: other months, 4 weeks. *New series. For the new series on total lumber exports and imports, data for earlier years not shown on p. 47 of the August 1939 Survey will appear in a subsequent issue. For Douglas fir and southern pine, the new series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks, and scantlings, etc." has been substituted for "lumber." tRevised serifs. Production, shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-?Q. have been adjusted to the 1037 Censu> of Manufactures; data for southern pine not shown on p. «7 of the February 1930 issue, and for western pine not shown on p. 47 of the March 19'*0 issue, win appear in a subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber—All Types." Revisions for the latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine figures, will be shown when available. Wholesale prices of men's black calf oxfords revised because of style change. Price of slightly different type of shoe substituted beginning January 1938. Revised data for 1938 not shown above are: January-March, 4.80; April, 4.78; May-June, 4.70. 48 SURVEY OF CURRENT BUSINESS September 1939

LUMBER AND MANUFACTURES—Continued

SOFTWOODS-Continued Redwood, California: Orders, new M bd. ft. 23,168 26,978 29, 218 23,409 25, 350 25, 939 22,134 34, 270 20, 875 32, 098 26,387 26, 846 24,498 Orders, unfilled, end of month do... 28, 377 25. 116 26. 599 23, 322 25,111 24, 694 25.310 34, 562 30,647 32. 485 29,676 28,181 24, 563 Production do... 25, 421 26. 665 34, 229 34,838 30. 722 33,106 27, 284 25,261 26, 272 28,585 27.930 31,614 28, 262 Shipments do... 23,497 23. 333 27, 885 28,026 24, 427 25,028 19,961 23, 811 24, 243 30, 822 28.096 27,806 27,469 Stocks, end of month do._. 296, 426 282, 291 287, 243 296,177 299,367 304,859 313,047 309. 310 307,494 300, 378 298, 052 299,887 295, 551 FUBNITURE All districts: Plant operations percent of normal- 51.0 47.0 53.0 58.0 60.0 57.0 58.0 56.0 56.0 57.0 53.0 53.0 50.0 Grand Rapids district: Orders: Canceled.-. ..percent of new orders_ 4.0 5.0 3.5 4.0 5.0 6.0 7.0 4.0 5.0 5.0 6.0 7.0 2.0 New no. of days' production. 16 21 21 20 20 19 12 19 14 14 10 11 25 Unfilled, end of month do... 30 26 27 23 20 18 13 21 19 16 13 13 28 Plant operations percent of normal. 50.0 46.0 50.0 55.0 60.0 61.0 62.0 58.0 53.0 53.0 42.0 47.0 47.0 Shipments no. of days' production. 13 12 16 18 16 15 13 12 13 15 12 11 13 Prices, wholesale: Beds, wooden 1926=100. 77.6 80.3 80.3 80.4 80.4 79.3 77.6 77.6 77.6 77.6 77.6 77.6 77.6 Dining-room chairs, set of 6 do... 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 102.3 Kitchen cabinets do... 88.1 87.6 87.6 87.6 87.6 87.6 87.6 88.1 88.1 88.1 88.1 88.1 88.1 Living-room davenports do... 87,2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 87.2 Steel furniture (see Iron and Steel Section).

METALS AND MANUFACTURES

IRON AND STEEL Foreign trade: Exports (domestic) total§ longtons.. 513, 664 263, 699 242,139 346, 068 425,421 469,596 490,095 362, 672 359, 690 474, 360 394,008 532, 641 588. 856 Scrap do. 350,066 126,423 108, 029 149, 673 223,954 273,440 323, 691 227,884 224, 913 312, 262 240,124 384, 881 398, 888 Imports, total§ do. 30, 851 14, 728 20,041 27,958 26, 445 27, 627 28, 767 27, 664 19,149 25, 369 44,083 28,142 32, 587 Scrap do. 3,335 634 1,637 4,218 5,524 4,749 6,519 3,333 1,413 780 2,769 3,971 2,537 Price, wholesale, iron and steel, composite dol. per long ton._ 35.82 36.32 36.50 36.48 36.48 36.39 36.37 36.36 36.37 36.40 36.34 35.80 35.69 Ore Iron ore: Lake Superior district: Consumption by furnaces thous. of long tons.- 3,143 1,675 2,077 2,314 2,781 3,150 3,041 2,927 2,853 3,317 2,800 2,246 2,830 Shipments from upper lake ports do.. 6,310 3,268 3,326 3,285 3,624 1,481 0 0 0 0 57 3,601 5,573 Stocks, end of month, total do._ 28, 507 35,846 37, 050 37,874 38, 594 37, 456 34, 579 31, 689 28, 840 25,872 22, 791 23, 071 25, 861 At furnaces do.. 24,196 30, 656 31, 759 32, 516 33,173 32,166 29,456 26, 646 23, 912 21,054 18, 306 18, 835 21,610 Lake Erie docks do._ 4,311 5,190 5,292 5,358 5,421 5,290 5,123 5,043 4,928 4,818 4,485 4,236 4,251 Imports, total§ do.. 222 206 172 188 226 187 180 179 203 162 217 189 Manganese ore, imports (manganese content) _ thous. of long tons.. 24 21 31 35 15 26 30 10 21 11 17 15 Pig Iron and Iron Manufactures Castings, malleable: Orders, new short tons.. 29,892 16,905 25, 752 29, 061 32, 770 36, 643 35, 633 38,105 33, 234 35, 997 29,183 27, 702 29, 041 Production do 28, 836 16, 630 25, 799 29, 460 29, 970 35,351 38, 802 35, 372 34, 786 39, 615 31, 640 30,840 30, 781 Percent of capacity 35.3 20.2 31.3 34.8 36.4 43.0 46.0 43.5 42.9 47.5 38.8 37.8 37.0 Shipments short tons. _ 26,169 17, 500 21,102 26, 941 28, 717 35, 563 36, 434 36, 403 34, 698 39, 807 33, 666 32, 657 32, 566 Pig iron: Furnaces in blast, end of month: Capacity long tons per day 79,450 41, 400 51,370 57, 625 70, 690 75, 795 71,315 70, 235 74, 285 77, 460 60,160 60, 515 72,' Number 129 77 115 121 117 118 121 123 102 107 Prices, wholesale: Basic (valley furnace) dol. per long ton 20.50 19.50 19.50 19.75 20.50 20.50 20.50 20. 50 20.50 20.50 20.50 20.50 20.50 Composite do 21.15 20.15 20.15 20.29 21.14 21.15 21.15 21.15 21.15 21.15 21.15 21.15 21.15 Foundry, No. 2, northern (Pitts.) dol. per long ton.. 22.89 21.89 21.89 22.14 22.89 22.89 22.89 22.89 22.89 22.89 22.89 22.89 22.89 Production thous. of long tons.- 2,356 1,202 1,494 1,680 2,052 2,270 2,211 2,175 2,060 2,395 2,056 1,718 2,118 Cast-iron boilers and radiators: Boilers, round: Production thous. of lb_. 1,387 2,135 2,277 2,391 3, 561 2,233 1,338 1,573 1,807 2,198 1,916 1,930 1,950 Shipments do 1,749 2,015 2,287 4,078 4,803 3,083 2,182 1,642 1,376 1,113 1,203 1,051 1,427 Stocks, end of month do 19,056 20, 677 20, 619 18, 925 17,701 16,877 16,114 15,986 16,491 17, 579 18,301 19,084 19,421 Boilers, square: Production do 15, 284 14, 681 20, 367 25, 336 22, 851 15, 388 10,128 12, 881 13, 801 19, 960 15,339 16, 429 16,194 Shipments do 16,807 17,841 17,804 30, 852 34,108 20, 027 15, 081 12, 276 9,246 10, 406 9,448 11, 744 14, 577 Stocks, end of month do 124, 581 122,860 125,446 119,841 108, 445 104, 021 98, 831 99,128 104,303 114, 878 119,839 124,462 126,130 Radiators: Convection type: Sales, incl. heating elements, cabinets, and grilles.thous. sq. ft. heating surface.. 811 656 703 614 498 442 305 340 476 556 729 Ordinary type: Production do 4,187 4,958 6,023 7,199 6,907 4,765 3,955 4,896 4,711 5,593 4,350 4,276 4,655 Shipments do 5,280 5,219 5,214 6,387 7,679 5,697 4,815 3,814 2,950 2,887 3,103 4,207 4,730 Stocks, end of month do 33,902 26, 216 27, 098 28,003 27, 268 26, 394 25, 624 28, 279 30,800 33, 612 34, 875 34,963 34, 975 Boilers, range, galvanized: Orders: New number of boilers... 54,022 50, 377 57, 721 68,337 108, 427 70, 862 47, 882 61,003 50,876 57,928 69, 772 68,191 59,277 Unfilled, end of month, total do 19,671 14, 279 15,414 18, 016 46,882 37,170 20, 626 15, 026 12,604 10,145 19, 442 20, 638 16, 245 Production do 47,494 51,900 56, 595 65, 622 77, 563 83, 716 70, 232 64, 094 56, 476 60, 421 53, 454 67, 610 62,996 Shipments do 50, 596 52, 251 56, 586 65, 735 79, 561 80, 574 64,426 66, 603 53, 298 60, 387 60, 475 66, 995 • 63, 670 Stocks, end of month do 28, 370 30, 903 30,912 30, 799 28, 677 31, 819 37, 625 35, 317 38, 495 38, 463 31, 442 32, 057 31,472 Steel, Crude and Semimanufactured Castings, steel: Orders, new, total short tons.. 34,804 36, 641 24, 814 25, 565 25,418 30, 428 38,342 42, 024 30, 360 41, 367 34,100 41, 660 37, 774 Percent of capacity 31.1 32.7 22.2 22.8 22.7 27.2 34.2 37.5 27.1 36.9 30.4 37.2 33.7 Railway specialties .short tons_. 7,721 16, 589 4,411 5,462 4,127 7,128 14,749 12, 606 6,848 11,125 9,655 12,621 11,872 Production, total do 34,168 22, 988 36, 454 28, 478 28,109 29, 994 36,130 38,928 36, 471 40, 219 35, 944 41, 359 40, 272 Percent of capacity 30.5 20.5 32.5 25.4 25.1 26.8 32.3 34.8 32.6 35.9 32.1 36.9 36.0 Railway specialties short tons.. 6,111 12, 983 8,353 5,986 7,207 11,282 12,804 10, 060 10,173 9,751 12, 506 11,060 r Revised. § Revised series. Data revised for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue. September 1939 SURVEY OF CURRENT BUSINESS 49

METALS AND MANUFACTURES—Continued IRON AND STEEL-Continued Steel, Crude and Semimanufactured— Continued Ingots, steel: Production thous. of long tons.. 3,289 1,974 2,537 2,647 3,106 3,558 3,131 ' 3,174 r 2,989 r 3, 405 ' 2,974 r 2, 923 r 3,125 Percent of capacity 57 35 41 44 60 53 '53 54 55 52 47 53 Bars, steel, cold-finished, carbon, shipments 52 short tons.. 32, 809 18,166 28, 327 30,903 37, 673 36, 315 39,648 38, 571 42,808 36, 287 34, 287 35, 615 Prices, wholesale: 35,106 Composite, finished steel dol. per lb._ .0261 .0268 .0268 .0268 .0268 .0268 .0268 .0268 .0268 .0264 . 0262 Steel billets, rerolling (Pittsburgh) .0266 dol. per long ton.. 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 Structural steel (Pittsburgh) dol. per lb_. .0210 .0210 .0210 .0210 .0210 .0120 .0210 .0210 .0210 .0210 .0210 .0210 .0210 Steel scrap (Chicago) dol. per gross ton. 13.56 12.00 13.75 13.50 12.88 14.20 13.75 13.85 14.06 14.25 13.38 12.80 13.56 U. S. Steel Corporation: Earnings, net thous. of dol 10,026 19, 792 15,881 15,8 Shipments, finished steel products thous. of long tons_. 676 442 559 578 663 694 789 678 733 Steel, Manufactured Products Barrels and drums, steel, heavy type: Orders, unfilled, end of month number.. 235, 772 361, 750 378, 675 445, 310 374,454 248, 376 519, 375 438, 746 421,037 351,203 277,719 257, 961 208, 000 Production do. 719, 055 629, 448 766, 374 783, 592 841,653 788,040 830,979 749,070 552,189 709, 252 800, 292 814,298 833, 378 Percent of capacity 45. 1 39.1 47.6 48.7 52.3 49.0 51.7 47.5 35.0 44.4 50.1 51.1 52.3 Shipments number. _ 725, 669 622,155 771, 283 759,188 865, 572 799, 678 822, 746 746,510 556,069 710, 228 799,404 812, 843 822, 658 Stocks, end of month do 33, 025 41, 287 35, 756 60,160 36, 241 24, 603 32,696 34, 717 30, 586 29,610 30,498 31,867 42, 587 Boilers, steel, new orders: Area thous. of sq. ft.. 772 691 783 579 717 635 892 1,131 817 617 765 877 1, 032 Quantity number.. 1,033 1,063 1,124 1,125 947 1,012 1,264 892 660 834 983 1,098 Furniture, steel: Office furniture: Orders: New thous. of dol... 1,737 1,554 1,538 1,630 1,650 1,813 1,852 1,966 1,782 1,798 1,619 1, 780 1,902 Unfilled, end of month do. 1,382 1,202 1,063 1,026 958 1,064 977 1,132 1,140 1,052 952 1,016 1,207 Shipments ___do. 1,567 1,480 1,677 1,667 1,718 1,707 1,982 1,813 1,775 1,886 1,707 1,716 1,714 Shelving: Orders: New do. 400 321 368 411 318 335 315 499 399 507 ••420 Unfilled, end of month do. 358 302 292 386 362 255 205 253 292 317 327 387 ••360 Shipments do_ 360 247 378 317 342 442 357 318 349 474 447 '451 Plate, fabricated steel, new orders:• Total short tons.. 31, 364 27,773 22,069 18, 551 21, 793 20, 213 28, 218 20, 511 22,903 29, 784 35,844 34,036 33,95$ Oil storage tanks do 8,188 15, 382 3,646 3,623 5,379 3,629 5,950 4,081 7,401 7,723 5,429 10,976 13, 481 Plumbing and heating equipment, wholesale price (8 items) dollars. 234. 71 235. 42 235.03 234.01 233.88 233.97 233.97 233.99 234.64 234.82 234. 82 Porcelain enameled products, shipments 1 thous. of doL. 951 626 749 736 796 675 645 610 771 853 851 826 Spring washers, shipments do 149 84 123 137 164 186 177 185 180 215 184 171 183 Steel products, production for sale (quarterly): Merchant bars thous. of long tons. 434 616 672 595 Pipe and tube _ .do 564 611 595 620 Plates do... 384 452 491 505 Rails do 116 105 293 386 Sheets, total do___ 1,131 1,812 1,654 1,492 Percent of capacity . 43.1 69.0 60.1 52.7 Strip: Cold rolled thous. of long tons. 160 125 110 Hot rolled do_._ 214 384 243 210 Structural shapes, heavy do 367 395 459 474 Tin plate do_~~ 331 374 422 556 Wire and wire products.. do 528 617 674 650 Track work, shipments short tons.. 5,330 2,395 3,036 2,686 2,514 2,840 2,909 4,250 6,481 6,819 6,658 6, 832 NONFERROUS METALS AND PRODUCTS Metals Aluminum: Imports, bauxite§ long tons.. 44, 805 34,446 18, 855 36, 204 26, 795 33, 737 41,060 33, 660 35, 397 40,309 38, 288 51, 027 43,629 Price, wholesale, scrap, castings (N. Y.) dol. perlb_. .0663 .0736 .0813 .0813 .0808 .0800 .0750 .0713 .0713 .0703 .0688 . 0688 Babbitt metal (white-base antifriction bearing metals): Consumption and shipments, total thous. of lb._ 1,613 1,305 1,538 1,474 1,366 1, 596 1,606 1,725 1,460 1,783 1,380 1,602 1, 749 Consumed in own plants do 517 468 508 453 509 597 648 644 359 531 338 425 611 Shipments do. _. 1.096 837 1,030 1,021 857 1,080 1,101 1, 252 1,042 1,177 1,137 Copper: Exports, refined and manufactures! short tons. 35,168 42, 369 36, 984 40, 441 40,915 31, 285 40, 741 25, 503 23,807 27, 364 28,162 36, 303 39, 350 Imports, total § do... 21,123 22,166 12, 976 13,192 10,439 16,154 22,132 18, 551 11,634 19, 365 20,651 19, 040 23, 248 For smelting, refining, and export §.__ do... 18, 646 19, 549 11. 673 12,402 15, 568 21, 731 18,076 10, 509 18, 450 19, 728 18,128 21,992 Product of Cuba and Philippine Islands short tons 135 2,001 42 91 77 172 156 100 146 105 180 9 184 Allother§ _ do... 2, 342 616 1,260 700 954 413 244 374 979 810 742 903 1, 072 Price, wholesale, electrolytic (N. Y.) dol. per lb. .0998 .0959 .0990 .1003 .1076 .1103 .1103 .1103 .1103 .1103 .1027 .0983 .0978 Production: Mine or smelter (inch custom intake) 54, 532 31,155 44, 558 49, 316 73, 205 72, 709 69,170 60,707 61,752 62, 548 58, 600 r 59, 672 short tons 57, 339 35, 596 38,053 45, 808 56, 824 66, 846 68, 071 66, 316 59, 452 66, 718 58,368 68, 536 61,719 Refinery do 75, 808 54. 597 62, 832 67,919 82, 605 64, 657 47, 804 54. 827 51, 577 55. 025 46. 667 63, 894 63, 862 Deliveries, refined, total do... 59, 681 41, 249 48,071 53, 637 69, 827 51, 397 38, 977 51,059 48, 267 50, 803 42. 484 51,225 53, 573 Domestic do.I" 16,127 13, 348 14,761 14, 282 12,778 13,260 8,827 3,768 3.310 4,222 4383 12, 669 10, 289 Export do 316, 543 339,970 315,191 293,080 267, 299 289, 755 309.119 320, 812 332, 513 337,155 335, 012 Stocks, refined, end of month do 301, 244 Lead: Imports, total, except manufactures (lead con- 4,034 4,241 13, 257 5,179 tent) § short tons 3,864 4,476 4,443 4,482 11,998 15, 485 16, 593 10, 961 Ore: 31,268 33,589 32, 300 Receipts, lead content of domestic ore .do 25, 269 25, 941 27, 605 28,193 34, 716 35, 885 37, 654 31, 593 31, 748 30, 614 Shipments, Joplin district! do 4,537 4,330 3,744 3,576 5,113 3,911 6,052 9,695 6,314 3,264 4,396 3,679 4,152 r Revised. •Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 26 additional small establishments. ^As reported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938. data are available from the reports of the Bureau of the Census for 34 additional establishments, and, beginning January 1939, for 80 additional establishments. JData for July, October, and December 1938, April and July 1939 are for 5 weeks; other months, 4 weeks. §Revised series. Data revised for 1937; see tables 19 and 20 pp. 14 and 15 of the April 1939 Survey. 50 SURVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Novem- Decem- July August October Janu- Febru- March April May 1938 Supplement to the Survey July tember ber ber ary ary June

METALS AND MANUFACTURES—Continued

NONFERROUS METALS AND PRODUCTS-Continued Metals—C ontinued Lead—Continued. Refined: Price, wholesale, pig, desilverized (N. Y.) dol. perlb.. 0. 0485 0.0488 0. 0490 0.0500 0.0510 0.0509 0.0484 0.0483 0.0481 0. 0482 0.0478 0. 0475 0. 0480 Production from domestic ore_ _short tons.. 34,926 27,976 23, 723 24,994 27,968 35,958 38,299 36,391 37,790 36, 704 43, 026 37, 237 Shipments (reported) do 42, 636 40,409 38,343 39, 026 45, 726 42, 005 33,908 40,189 34,421 40,871 37,903 40,124 • 38, 710 Stocks, end of month do 124, 017 155,631 142,868 131, 353 117,476 115,134 115,902 117, 214 122,112 122, 035 123, 394 129, 270 • 129,636 Tin: Consumption of primary tin in manufactures long tons,. 5,140 3,930 4,100 3,770 4,060 4,160 4,330 4,230 4,410 5,270 5,190 5,920 5,780 Deliveries do 5,275 3,775 3,775 4,465 4,960 3,535 3,400 4,330 4,105 4,755 5,980 5,905 4,925 Imports, bars, blocks, etc do 6,179 3,583 4,880 3,895 4,643 4,448 3,555 3,971 5,097 5,208 3,814 5,118 6,020 Price, wholesale, Straits (N. Y.)--dol. per lb__ .4852 .4337 .4326 .4338 .4522 .4623 .4618 .4638 .4562 .4621 .4720 .4902 .4885 Visible supply, world, end of month, long tons.. 29, 625 31, 097 32, 251 32, 476 3], 539 30, 598 30, 554 34, 240 35, 245 33,890 33,873 30, 866 30, 055 United States do 5,339 4,071 5,232 4,573 4,500 5,060 5,157 4,624 5,486 5,806 3,385 3,387 4,388 Zinc: Ore, Joplin districts: Shipments short tons. _ 33, 990 28, 065 38, 014 31,894 39,014 34,827 42, 237 27,452 33, 220 28, 330 37, 908 32,126 31,077 Stocks, end of month do 7,601 25, 292 13,149 14,895 18, 745 17, 299 12, 251 12, 301 8,400 10, 503 9,294 7,498 6,749 Price, wholesale, prime, western (St. L.) dol. per Re- .0452 .0475 .0475 .0485 .0501 .0492 .0450 .0450 .0450 .0450 .0450 .0450 . 0450 production, slab, at primary smelters short tons.. 39,669 30, 362 32, 296 32, 328 36, 740 40, 343 45, 345 44, 277 39, 613 45, 084 43, 036 42, 302 39, 450 Retorts in operation, end of mo number.. 35, 491 25, 596 29, 767 31, 555 32, 427 36, 243 38, 793 39, 500 39, 459 38, 251 38, 763 36, 331 36, 291 Shipments, total short tons.. 43,128 33,825 36, 507 43, 582 43, 355 43, 693 39, 354 42, 639 39,828 45, 291 40, 641 39, 607 37, 284 Stocks, refinery, end of mo do. 131, 782 146, 208 141,997 130, 743 124,128 120, 778 126, 769 128,407 128,192 127,985 130, 380 133, 075 135, 241 Miscellaneous Products Brass and bronze (ingots and billets): Deliveries short tons.. 5,035 3,936 5,018 4,487 5,159 4,759 4,347 4,926 4,662 5,818 4,657 4,543 5, 026 Orders, unfilled, end of month do 14, 625 17, 466 14, 237 16, 267 17, 019 13, 740 11,463 9,240 8,161 14, 571 14,037 12, 688 11, 065 Plumbing fixtures, brass, shipments thous. of pieces,. 1, 373 1,538 1,382 1,446 1,359 1,218 1,391 1,419 1,505 1,330 1,554 1,577 Radiators, convection type, sales: Heating elements only, without cabinets or grilles thous. of sq. ft. heating surface 72 60 65 58 109 37 47 62 138 Including heating elements, cabinets, and grilles thous. of sq. ft. heating surface-. 657 417 565 495 494 570 491 410 418 497 546 717 814 Sheets, brass, wholesale price, mill.dol. per lb_. .167 .164 .168 .168 .173 .175 .174 .173 .173 .173 .170 .165 .165 Wire cloth (brass, bronze, and alloy): Orders, new thous. of sq. ft.. 468 363 470 538 497 419 360 505 352 484 347 481 366 Orders, unfilled, end of month do 823 657 712 712 780 752 868 805 853 768 830 750 Shipments do 392 322 407 439 385 458 392 388 404 427 422 413 444 Stocks, end of month do 624 611 590 511 505 446 450 478 504 532 549 560 582 MACHINERY AND APPARATUS Air-conditioning systems and equipment: Orders, new: Totalf thous. of doL. 3, 096 3, 079 3,019 3, 352 2,885 3,211 3,349 2,889 4,754 4,528 4,901 5, 406 Air-conditioning group do 1,484 1,293 1,270 1,228 819 1,112 1,747 1,446 2,845 3,015 3, 115 3,377 Fan-groupf. do 1. 135 1,144 941 899 837 871 812 821 1,073 955 1,318 1, 509 Unit-heater group do 477 642 1, 225 1,228 1,228 790 622 558 468 521 Electric overhead cranes: Orders: New do 383 156 144 113 171 179 377 168 201 284 823 438 274 Unfilled, end of month do 1, 917 1,246 1,147 1,017 1, 0S0 1,052 1,171 1,173 ,131 993 , 504 1, 755 1,813 S h ipments do 280 498 243 243 10S 207 257 166 244 270 312 215 Exports, machinery. (See Foreign trade.) Foundry equipment: Orders: New 1922-24 = 100.. 114.0 75.3 83.4 78.7 89.7 141.9 122.5 135.5 146.6 146.2 108.9 134.9 Unfilled, end of month do 135. 6 108. 6 102.8 97.3 91.8 87.0 126.0 151.4 175.1 193.6 208.6 173. 1 159. 2 Shipments do 135. 5 105. 8 89.1 84.2 93.4 94.5 102.8 96.3 112.2 128.1 131.0 144.3 148.5 Fuel equipment: Oil burners: Orders: New number.. 17,838 11,121 15,622 26, 403 20,346 11,409 8, 435 9,616 7,981 11,806 11,346 15, 284 17,901 Unfilled, end of month do 6, 952 3,139 3,388 3, 386 2, 673 2. 564 2,155 3,033 3,340 4,475 5,181 5, 456 6,451 Shipments do 17, 337 10, 689 15, 373 26, 405 21,059 11,518 8,824 8, 738 7,674 10, 671 10, 640 15, 009 16, 906 Stocks, end of month do 18,851 27,096 26, 638 23, 705 22,556 21,421 21, 326 21, 885 22, 850 21, 790 21, 619 20,214 19,947 Pulverizers, orders, new do 11 18 18 12 19 16 10 33 23 20 Mechanical stokers, sales: Classes 1, 2, and 3 do 9,246 8,825 12, 555 20,126 17,339 7,689 4,752 3,398 2,375 3,669 3,427 5, 023 7, 599 Classes 4 and 5: Number 279 236 304 326 342 228 219 189 186 168 164 215 I 267 Horsepower 56,419 42, 265 44,190 45, 030 59, 920 34, 533 40,117 34, 909 38, 932 34, 811 32, 540 49,255 56, 419 Machine tools, orders, new av. mo. shipments 1926=100-. 230. 9 120.9 117.4 118.1 112.2 146.5 150.8 167.1 185.4 155.6 Pumps and water systems, domestic, shipments: Pitcher, other hand, and windmill pumps units.. 52,336 32, 426 43, 533 35, 803 25, 556 26, 572 24, 889 41,191 31,485 42, 693 38, 468 44, 216 55, 048 Power pumps, horizontal type do 964 931 908 928 997 893 865 464 740 732 1, 463 731 953 "Water systems, incl. pumps do 19,029 15, 240 17,196 17, 205 13,934 12, 803 10,402 14, 738 14,259 16, 222 16, 889 20, 773 23,067 Pumps, measuring and dispensing, shipments: Gasoline: Hand-operated units.. 875 484 663 690 632 858 649 740 1,005 1,582 1,346 1,601 1,129 Power do 9, 419 9,077 9,198 5,702 7,752 8,412 7,652 5,858 6,156 9,637 12, 017 11,430 Oil, grease, and other: Hand-operated do — 14,053 10, 257 10, 420 9,632 12. 246 14, 653 10, 708 10,297 11,982 13,078 13,919 17, 085 15,612 Power do— 2,011 2,333 2,934 2,075 1,729 2,367 1,480 2,071 2, 981 4,305 3, 544 3,332 3, 180 ' Revised. {Revised series. Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown on p. 50 of the May 1939 issue will appear in a subsequent issue. Beginning January 193*/, data on air-conditioning systems and equipment are available for from 252 to 267 manufacturers; figures shown here are for 125 of these whose orders in January 1939 amounted to more than 85 percent of the total for 252 manufacturers. IData for July, October, and December 1938, April and July 1939 are for 5 weeks; other months, 4 weeks. September 1939 SURVEY OF CURRENT BUSINESS 51

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Sep- Novem- Decem- Janu- Febru- 1938 Supplement to the Survey July July August tember October ber ber ary ary March April May June METALS AND MANUFACTURES—Continued MACHINERY AND APPARATUS—Con. Pumps, steam, power, centrifugal, and rotary: Orders, new thous. of doL. 1,034 2,006 1,462 1,449 970 1,155 1,204 1,282 1,258 1,230 1,236 1,673 Water-softening apparatus: Shipments, domestic units.. 1,306 822 1,244 1,078 1,191 1,038 1,077 1,108 1,082 1,698 1,122 1,217 1,282 Woodworking machinery: Orders: Canceled ..thous. of dol-. 5 18 14 1 4 3 4 13 14 1 5 (a) New do 438 365 337 381 340 456 612 363 410 445 393 484 417 Unfilled, end of month _. .do 980 640 665 714 656 720 910 863 836 896 923 898 905 Shipments: Quantity— number of machines... 157 150 164 205 165 172 236 190 216 209 152 216 224 Value .thous. of doL. 357 289 298 332 394 388 418 397 422 384 360 510 411 ELECTRICAL EQUIPMENT Battery sales (replacement only) :* Unadjusted 1934-36=100-. 111 163 198 188 168 149 100 78 73 72 84 111 Adjusted do 115 122 128 111 120 132 127 122 121 132 151 163 Electrical products:* Industrial materials, sales billed 1936=100. 52. 4 64.3 74.2 78.0 81.9 79.2 79.6 79.2 90.8 80.5 84.1 87.1 Motors and generators, orders received.,do 59.1 60.2 62.7 61.0 67.6 72.1 69.2 67.8 99.3 77.5 >• 77.5 87.8 Transmission and distribution equipment, orders received 1936=100-. 73.0 90.8 87.0 76.3 73.1 79.4 81.0 108.3 103.0 117.2 102.0 Furnaces, electric, industrial, sales: Unit kilowatts.. 1,332 488 1,914 829 1,324 1,176 2,356 3,147 1,235 4,681 1,934 2,789 3,228 Value thous. of dol_ 97 35 144 58 78 67 110 195 98 215 161 194 213 Electrical goods, new orders (quarterly) thous. of doL. 158, 959 160, 374 197, 654 205, 567 Ironing machines, sales* units.. 7,741 7,983 11, 977 11, 272 10, 523 8,226 9, 210 8,208 8,016 11,607 9,047 8,433 7,216 Laminated products, shipments .thous. of dol 805 521 635 S00 838 851 876 838 812 968 830 849 901 Motors (1-200 hp.): Billings (shipments): A. C do - 1,750 1,738 1,742 1,538 1,506 1,713 1,436 1,508 2,050 2,053 2,410 D. C do__, 296 458 325 300 305 446 330 449 557 534 519 574 Orders, new: A. C do.,-. 1,539 1, 695 1,733 1,641 1,605 1,733 1,574 1,762 2, 356 2,062 2,319 2, 504 D. C do... 453 358 472 347 651 659 540 404 739 546 428 549 Power cable, paper insulated, shipments: Unit thous. offt- 716 515 660 763 587 603 476 271 353 637 700 566 652 Value thous. of dol-. 773 565 657 764 555 588 502 273 312 662 696 674 718 Power switching equipment, new orders: Indoor dollars- 90, 302 195.487 118, 938 121,481 55, 331 55, 627 91, 720 51, 124 47, 458 87, 019 75,161 89,809 92, 347 Outdoor do__-. 283,614 221, 862 190, 306 120, 784 128, 450 124, 927 138,840 109, 799 223, 286 197,175 279, 093 346, 530 217,846 Ranges, billed sales thous. of dol-. 1, 476 1, 367 1,272 1, 257 1,047 1,006 2, 230 2,103 2,263 1,939 2, 395 2,025 Refrigerators, household, sales number-. 164,211 88, 772 92, 956 62,148 34, 345 32,103 47, 599 150,108 198, 528 251,644 260, 204 273, 906 268, 848 Vacuum cleaners, shipments: Floor do 61,492 55, 022 73, 309 79,180 95, 684 89, 772 95, 521 78, 753 87,140 122, 785 100, 487 91, 055 80, 660 Hand-type do 15,197 13, 633 17, 248 22, 834 24, 121 29, 734 30, 632 23, 846 25,182 29, 470 24, 539 23, 322 19, 014 Vulcanized fiber: Consumption of fiber paper thous. of lb_. 1, 725 1,073 1,450 1,189 1,495 1,565 1,385 1,410 1, 561 2,070 1,575 1, 749 1, 735 Shipments! thous. of doL. 437 306 350 380 372 422 383 458 470 528 466 458 441 Washing machines, sales* units.. 104,817 74,019 129,163 125,821 115,019 84,192 67, 502 109,909 129,885 152.725 116,199 105, 206 120,076 PAPER AND PRINTING WOOD PULP Consumption and shipments** Total, all grades short tons.. 495, 350 450, 541 503,181 495, 097 525, 085 522, 863 539,061 499, 076 484, 507 546, 949 527, 307 524, 391 502, 887 Chemical: Sulphate do 208,187 200,282 216, 739 211,591 227,063 214, 796 211,884 196, 419 199,931 228, 680 221,196 204, 220 202, 204 Sulphite, total "do 143,487 125, 749 144, 320 146, 614 151, 056 151,635 174.546 145, 040 136, 667 156,107 148, 801 152, 108 146, 993 Blear-hed do 91, 428 73, 113 86, 403 88, 885 91. 575 90, 486 115,442 89.511 85.120 97, 156 93, 498 94, 398 91,164 Unbleached do 52,059 52, 636 57,917 57, 729 59, 481 61,149 59,104 55, 529 51, 547 58, 951 55, 303 57, 710 55, 829 Soda do 28,303 25, 546 30, 617 31.118 31, 505 32, 575 31,996 32, 643 31, 526 34, 705 32. 946 33,713 30, 031 Ground wood do 115,413 98, 964 111,505 105, 774 115,461 123, 857 120, 635 124,974 116,383 127,457 124,364 134, 350 123,059 Imports' Chemical § do 137, 431 121,919 159,990 142, 407 142,188 166,091 171, 520 150,510 103,504 117,800 78, f>34 140, 131 152,719 Groundwood§ do 19,694 12, 544 14, 957 20,576 15,175 17, 491 17. 366 20, 076 7,312 17,326 9. 867 IN, 502 17,403 Production- Total, all grades do 472, 095 429, 551 485, 830 475, 356 533, 423 522, 220 533,442 484, COS 543,411 521. 590 535, 149 507, 857 Chemical: Sulphate do 206,479 200,930 217,004 212, 664 231,804 217,8(6 212, 884 207, 259 200, 502 228, 632 212, 559 201,123 201,364 Sulphite, total do 132,460 115,733 138, 457 139,022 154. 210 157,724 152, 498 158,913 132,662 149,019 142, 401 161,601 153,526 Bleached do 82,527 69, 146 78, 826 82, 373 94, 729 93, 782 95, 845 100. 337 79, 698 92. 729 88, 250 103,404 97, 308 Unbleached do 49,933 46, 587 59, 631 56, 649 59, 481 63, 942 56, 653 58, 576 52. 964 56, 290 54. 151 58, 137 56, 218 Soda do 26,846 24, 701 30, 718 30. 995 31, 625 32, 632 31,917 32, 255 31, 075 34, 561 32, 768 34,748 31,164 Groundwood do 106,310 88.187 99, 651 92, 675 105, 186 125,171 124,921 135,015 120,366 131,199 133,862 137. 677 121, 803 Stocks, end of month: Total, all grades do 200,803 228, 794 211,443 191,702 189, 442 200, 002 183, 161 217,526 217, 624 214, 085 208, 369 219,127 224. 097 Chemical: Sulphate do 33, 809 26, 549 26. 814 32, 628 35, 728 36, 728 47,568 48,139 48,091 30, 454 36, 357 35,517 Sulphite, total do 93,5S4 118, 465 112,602 105,010 108,164 114, 253 92, 205 106, 078 102, 073 94, 985 88, 585 98, 078 104, 611 Bleached do ... 58,990 84.188 76, 611 70, 099 73, 253 76, 549 56, 952 67, 778 62, 356 57. 929 52, 681 61, 747 67, 891 Unbleached do 34,594 34, 277 35, 991 34,911 34,911 37, 704 35, 253 38, 300 39, 717 37. 056 35, 904 36,331 30, 720 Soda do 4, 376 4, 750 4,851 4,728 4,848 4,905 4, 826 4,437 3,986 3,842 3, 664 4, 699 5, 832 Groundwood. do 69, 034 79, 030 67,176 54, 077 43, 802 45, 116 49, 402 59, 443 63, 426 67,168 76,666 79, 993 78, 137 Price, sulphite, unbleached dol. per 100 lb... 1.95 2.29 2.20 2.07 2.02 2.00 2.00 2.00 2.00 1.95 1.95 1.95 1. 95 PAPER Total paper: Paper, incl newsprint and paperboard: Production short tons.. 790, 379 954, 659 874, 263 926, 616 957, 377 849, 764 843,063 873, 441 1,036,734 912, 676 963, 576 898, 938 Paper, cxcl. newsprint and paperboard: Orders, new short tons.. 443, 677 521, 567 467, 455 479, 970 514, 201 437,128 436, 048 468, 274 542, 497 436, 980 475, 698 444, 009 Production do 420, 758 528, 246 454, 897 482,812 534, 542 444, 728 442, 405 463, 770 535, 229 462,299 501,932 441,867 Shipments do 428,130 529.198 456, 235 475, 850 532,175 441,194 446, 265 460, 019 542, 734 447, 500 479, 116 443,029 r Revised. ° Less than $500. • Pulp used in the producing mills and shipments to the market. * New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the August 1939 issue. Sales of washing machines and ironers beginning 1929 not shown on p. 51 of the August 1939 Survey will appear in a subsequent issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are fur- nished by both member and nonmember companies rather than member companies alone as therein stated. § Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 Survey. f Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue. 52 SURVEY OF CURRENT BUSINESS September 1939

PAPER AND PRINTING—Continued

PAPER—Continued Book papenf Coated paper: Orders, new short tons- 15, 744 14,467 16,608 16,029 17, 687 16,612 15, 769 16,961 17,911 19, 553 16, 305 17,126 17, 276 Orders, unfilled, end of month do... 3,647 2,571 3,076 2,767 3,160 3,410 2,714 3,071 3,552 4,060 3,238 2,861 3, 090 Production do... 14, 306 14,730 16,836 17, 445 17, 741 17,057 17,096 16,845 17, 796 20,028 17, 754 18, 579 15, 634 Percent of potential capacity 55.9 56.1 59.3 66.4 64.9 62.4 62.6 63.3 71.6 71.7 68.6 66.5 64.9 Shipments short tons. 15,097 14,526 16,138 16,883 18,194 16,730 17,563 17,319 17,642 19,919 17,902 17, 409 15, 771 Stocks, end of month do... 14, 211 12,830 13, 528 14,144 13, 691 14,018 12, 776 12,070 12,472 12,581 12,433 13,762 15,139 Uncoated paper: Orders, new do... 79, 210 80,101 88, 265 91,466 89,878 87,923 86,840 94,160 88,218 102,810 92, 712 83, 692 89, 681 Orders, unfilled, end of month do..- 30, 324 34, 573 34, 542 36,141 35,123 33,730 34,958 40,314 36,931 38,053 39,252 28,179 32, 755 Price, wholesale, "B" grade, English fin- ish, white, f. o. b. mills_dol. per 100 lb. 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 5.45 Production short tons. 79, 345 74,919 91, 791 88,518 92, 758 92,187 85,779 89,642 90,589 102,788 90,289 96,088 87,953 Percent of potential capacity 68.8 62.4 70.8 73.7 74.3 73.8 68.7 72.5 81.1 79.9 77.7 77.4 73.9 Shipments short tons. 82, 516 76, 558 89,862 90,518 92, 345 89, 321 86,076 91, 667 89,377 104,196 89, 393 84, 862 Stocks, end of month . do._. 57, 770 107,360 110,267 106,230 107,281 109,975 109,604 107,518 107,602 106,435 106,381 a 58, 282 1 60,981 Fine paper: Orders, new do._. 30,904 39,103 32, 522 34,268 48, 225 32, 750 34, 511 35, 064 48,124 33, 294 •• 37, 272 31, 538 Orders, unfilled, end of month do... 9,927 11,717 11,157 11, 587 16,174 12,692 11,864 11,187 14, 227 12,280 r 9, 229 9, 357 Production do__- 28, 069 40, 691 32,457 36,551 45,149 37,813 36,001 36,680 45,046 38,075 ' 43,043 33,491 Shipments do_.. 29,603 39,418 33,565 34, 677 46, 526 35,158 35,803 36,022 46, 511 36,935 Ml, 166 32, 216 Stocks, end of month do... 71, 383 72,813 71,169 73,166 71,948 74, 378 65,480 65, 384 63, 976 66, 573 r 69, 657 62, 670 Wrapping paper: Orders, new do._. 162,193 191,380 149, 372 159,243 189,530 142, 220 148, 562 163,622 186,433 145, 740 186, 710 146, 747 Orders, unfilled, end of month do... 70, 610 67, 336 66,278 66,181 69, 322 64,300 71, 599 62, 718 58,629 64, 050 63, 843 Production do__. 154,273 195, 253 152,063 161,933 191,105 151,076 151, 374 161, 510 194,280 159, 353 184, 727 142, 224 Shipments do.. . 157,102 195, 822 152, 281 161,271 189, 695 149,033 149,088 159,334 195,555 152, 265 180, 344 147, 622 Stocks, end of month do... 125,022 122,122 122,107 123,360 124, 683 126, 365 126, 551 129,835 126,936 132,148 136,617 131, 000 Newsprint: Canada: Exports do.-- 200,837 219,611 195, 586 248, 068 245,813 211,452 193, 624 152,437 217, 651 162, 352 244, 400 244, 655 Production _do.-_ 227, 630 202, 546 220,303 231, 940 254, 872 245, 295 209,753 208,382 200,631 220, 648 220, 843 250, 015 240, 545 Shipments from mills do-_. 221, 743 205,490 204,668 230,346 255,100 264,421 225,472 201,852 178,236 205,099 214, 255 274,635 232, 261 Stocks, at mills, end of month . .do. 202, 051 179, 282 194,917 196, 511 196, 283 177,157 161,438 167,968 190, 363 205, 912 212, 500 187, 880 196,164 United States: Consumption by publishers do.._ 172, 861 151,875 151,324 162, 457 187, 450 176,322 177,134 160,916 153,346 174,096 179,542 178,543 170,980 Imports§ do... 201,991 175, 441 190, 344 200,144 230, 278 229,284 209,782 183,050 144,308 189,360 209,597 250,668 216, 580 Price, wholesale, rolls, contract, destina- tion (N. Y. basis).__dol. per short ton. 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 Production short tons. 74, 932 63, 278 67,436 68, 315 72,827 78,390 75,855 77, 264 70,868 79,929 77, 393 85, 872 80,562 Shipments from mills ..do__. 75, 354 69, 718 66, 006 74,336 72, 203 76, 278 77,974 72, 967 71, 926 81,616 77,463 84, 443 84, 628 Stocks, end of month: At mills do._. 17, 006 22, 557 23,987 17,966 18, 590 20,702 18, 583 22,880 21, 822 20,135 20,065 21, 494 17, 428 At publishers! do-_. 252, 754 316, 635 314,586 303,067 288, 408 291,477 284, 661 267,155 251,041 223,469 206, 727 229,142 230, 443 In transit to publishers! do... 43, 459 26, 262 34, 696 32, 653 47, 570 44,628 30, 677 36,872 13,449 32, 580 37, 253 39, 251 47, 737 Paperboard: Consumption, waste paper do... 255, 830 221,218 264,418 254,024 267,193 243,924 221, 768 233,311 247, 710 292,474 262,918 264,348 259,996 Orders, new do.__ 382, 682 322,948 361, 323 367, 200 370, 453 327,168 334,711 342,408 338, 030 429,545 347, 575 372, 893 383, 371 Orders, unfilled, end of month do___ 108, 427 93, 637 96, 635 109,288 107, 235 89, 586 94, 411 109,099 112,801 124,420 97, 340 93, 643 95, 058 Production __do-_. 366, 605 306,343 358,977 351,051 370,977 344,445 329,181 323,394 338,803 421, 576 372,984 375, 772 376, 509 Percent of capacity 63.9 59.7 67.3 68.5 72.4 66.3 60.1 61.2 67.8 73.4 69.1 64.2 66.6 Stocks of waste paper, end of month: At mills short tons. 257, 889 300,917 296,070 284, 239 275,746 274,951 290, 648 282,095 262,344 248, 595 255,354 259, 423 255, 677 PAPER PRODUCTS Coated abrasive paper and cloth: Shipments reams. 76, 903 61, 220 71, 085 82, 091 79, 007 72, 029 62, 309 81, 867 77, 477 85, 778 85, 267 80, 246 Paperboard shipping boxes: Shipments, total mil. of sq. ft. 2,193 2,708 2,589 2,639 2,547 2,239 2,222 2,304 2, 827 2,395 2,627 2, 624 Corrugated do__- 1,982 2,466 2, 372 2, 430 2,385 2,081 2,075 2,145 2,640 2,218 2,430 2, 38S Solid fiber _ . do 211 243 217 163 158 146 159 187 177 197 236

PRINTING Book publications, total no. of editions. 798 787 800 1, 196 900 1,118 659 945 1,222 835 636 New books do - - _ 669 686 635 720 1,074 790 961 602 691 803 1,043 708 537 New editions do___ 129 143 152 80 122 110 157 57 185 142 179 127 99 Continuous form stationery thous. of sets. 112,194 78, 393 89, 385 113,132 116,140 119,903 125,811 111,211 107, 557 128, 508 108, 597 116, 935 128,583 Operations (productive activity) 1923=100. 78 77 80 81 84 89 87 92 86 87 84 81 Sales books, new orders thous. of books. 16,549 14, 578 16, 995 15, 522 16, 280 16, 256 14, 788 15, 998 16, 286 16, 889 16, 041 16, 498 16,466'

RUBBER AND RUBBER PRODUCTS

CRUDE AND SCRAP RUBBER Crude: Consumption, total long tons.. 43, 880 34, 219 40, 552 40,183 42, 850 49, 050 48,143 46, 234 42, 365 50,165 44,166 44, 377 47, 259 For tires and tubes (quarterly)... _ do . 79, 928 92, 021 99, 039 Imports, total, including latex § do 37, 222 22, 405 31, 674 35,066 34, 325 32, 924 37, 294 36, 857 30, 826 45, 496 31, 854 45, 784 34, 272 Price, smoked sheets (N. Y.) dol. per lb_. .165 .154 .166 .161 .169 .163 .163 .158 .159 .163 .159 .166 .164 Shipments, world long tons.. 79, 000 74, 000 70,000 75, 000 68, 000 58,000 86, 000 77, 000 75, 000 74, 000 70, 000 66, 000 Stocks, world, end of month do 580, 654 565, 394 551, 447 540, 976 512,176 482, 852 497, 665 479, 578 460, 723 438, 252 429, 979 409, 630 Afloat, total . do 105, 000 101, 000 96, 000 99, 000 92,000 80,000 105, 000 106, 000 102, 000 99, 000 96,000 90, 000 For United States do 40, 400 47, 772 48, 927 51, 062 51,114 45,105 48, 210 55,814 55, 981 57, 918 54, 046 51, 274 London and Liverpool do 95, 252 99, 614 98,140 93, 272 90, 073 86, 853 80, 643 75,517 72, 635 68, 931 66, 020 63,878 British Malaya do 97, 617 90, 939 89, 213 89, 630 87, 531 84, 499 90,142 87, 968 81, 274 77, 683 74, 308 75,409 United States do 282, 785 273, 841 268, 094 259, 074 242, 592 231, 500 221, 880 21,093 205, 214 192, 638 193,651 180,343 Reclaimed rubber: Consumption do 13, 542 8,831 11,455 12,041 12, 599 13, 522 13, 096 13, 000 12, 626 15, 322 13, 391- 13,517 14, 870 Production do 12, 588 7,682 11,317 12, 985 14, 652 15,124 15, 899 13, 763 13, 093 14, 528 14, 527 14,769 15,871 Stocks, end of month do 21, 339 15, 418 13, 918 14, 286 15, 845 17, 083 23, 000 21, 960 21, 390 19, 955 22, 628 22, 771 23, 058 Scrap rubber: Consumption by reclaimers (quar.) do 25,044 36, 248 36, 496 r Revised t-For book paper, see note marked with a "t" on p. 51 of the July 1939 Survey. Stocks of newsprint, at publishers, and in transit to publishers, revised for 19317 and 1938 revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue. §Data revised for 1937: see table 20, p. 15 of the April 1939 Survey. 0 Change in inventory due to physical check-up. Figures prior to May 1939 not comparable with later data. September 1939 SURVEY OF CURRENT BUSINESS 53

RUBBER AND RUBBER PRODUCTS—Continued

TIRES AND TUBES Pneumatic casings:f Production... . thousands . 4,510 3,287 4,038 3, 916 4,183 4,139 4,729 4,581 4,344 5,137 4,211 4,418 ' 4, 870 Shipments, total do 5,056 3,870 3,991 3,888 4,126 4,405 4,154 4,163 3,739 4,583 4,356 4,753 r 5, 750 Original equipment* _ . .__ do 809 494 266 678 1,287 1,777 1.707 1,685 1,472 1,747 1,529 1,415 1,370 Replacement equipment* do 4,162 3,290 3,646 3,123 2,729 2,544 2,348 2,397 2,156 2,723 2,719 3,239 ' 4, 267 Exports* . _ __ _ . do 85 85 79 86 109 84 99 81 111 113 108 100 113 Stocks, end of month do 8,300 8,041 8,217 8,022 8,237 7,924 8,451 8,932 9,573 10,109 9,998 9,919 r 8, 909 Inner tubes:f Production do 4,043 2,936 4,026 3,832 3,980 4, 029 4,351 4,098 3,681 4,470 3,841 3,848 r 4, 320 Shipments, total _ ..... do 4,285 3, 519 3,744 3,980 4,101 4,138 3,859 3,936 3, 335 4,015 3,927 4,154 r 5, 123 Exports* do 62 55 49 53 57 55 55 71 65 74 82 67 66 Stocks, end of month _ . do 7,819 7,723 8,029 7,859 7,746 7, 665 8,166 8,069 8,415 8,901 8,837 8,840 ' 8, 044 Raw material consumed: Crude rubber. (See Crude rubber.) Fabrics (quarterlv) thous. of lb 49, 441 58, 376 59, 801 RUBBER AND CANVAS FOOTWEAR Production, total thous. of pairs.. 2,719 4,254 4,709 5,067 5, 513 5,523 4, 807 4,953 5,897 5, 216 5,033 4,866 Shipments, total do 4 041 5,803 6, 360 4,991 6,139 5,035 4, 778 4,629 5,214 4,414 4.017 4,192 Stocks, total, end of month do 19, 469 17, 897 16,246 16, 321 15, 695 16,183 16,157 16, 582 17, 281 18, 083 19, 055 19, 729

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT Price, wholesale, composite dol. per bbl_. 0) 1.667 1.667 1.667 1.667 1.667 1.667 1.667 1.667 0) 0) (0 0) Production thous. of bbl_. 10, 968 11, 007 10, 559 11,556 10,184 8,066 5,301 5, 506 11,185 12, 644 36.9 27.9 8,171 9,674 11,953 Percent of capacity 57.9 50.2 50.4 49.9 52.9 48.2 24.3 37.4 45.7 50.9 56.5 Shipments thous. of bbl_. 11,755 10,164 11, 823 11,716 12, 357 8,573 6,281 5,640 5,043 8,467 12,748 12, 715 Stocks, finished, end of month do 23, 286 22, 534 21, 374 20, 569 22,179 23, 954 23,611 24,092 9,654 22, 251 22,366 5,282 5,986 23, 786 23, 837 • 21,477 Stocks, clinker, end of month do 5,939 5,902 5.506 4,927 4,963 5,563 6,447 6,568 5,728 ' 5, 788 CLAY PRODUCTS Bathroom accessories: Production thous. of pieces.. 1,027 778 1, 063 1,119 1,189 953 831 728 806 583 762 814 Shipments do 908 751 1,015 841 1,130 1,070 891 795 673 720 552 792 819 Stocks, end of month do 388 243 200 215 193 195 219 255 321 350 374 377 382 Common brick: Price, wholesale, composite, f. o. b. plant dol. per thous.. 12.059 11. 972 11. 902 11. 895 11. 925 12. 039 12. 046 ' 12. 023 «• 12. 024 ' 12. 032 ' 12. 026 r 12.077 r 12. 118 Shipments thous. of brick.. 129, 338 148, 809 142, 900 166, 471 151, 568 133,184 101,056 95,920 166, 380 178,903 209, 716 199, 592 Stocks, end of month do 430,168 428, 780 454, 393 482, 830 482,032 478, 260 476, 359 455, 859 397, 838 374,572 351,155 358,082 Face brick: r Shipments do 46, 512 51,915 47, 828 52, 402 45, 701 37, 307 34, 499 28, 785 57, 624 62,982 79, 349 69,482 Stocks, end of month do 271, 488 267, 844 268. 583 267,016 272, 200 283,017 292, 565 300, 546 290, 906 277, 291 256,825 244, 803 Floor and wall tile shipments:* Quantity thous. of sq. ft.. 4,134 4,761 4,267 4,331 3,996 3,261 3,549 3,562 4,969 4,639 4,737 5,160 Value thous. of doL. 1,195 1,381 1,235 1,243 1,129 956 981 959 1,285 1,208 1,282 1,417 Vitrified paving brick: Shipments thous. of brick... 11,418 10, 778 8,046 9,591 7,206 7,191 4,276 2,007 3,994 3,612 6,647 6,844 Stocks, end of month do 55, 689 55, 423 54, 396 52, 999 51, 323 48,127 48, 763 48, 585 47, 336 45, 761 43,002 44, 796 Hollow building tile: Shipments short tons.. 55, 489 62, 186 58, 998 62, 410 54, 762 46,815 50, 024 43, 643 72, 546 81, 994 105,713 96,163 Stocks, end of month do 350, 782 349, 271 345, 089 333, 782 335, 707 347,147 342, 408 348, 792 340, 348 327, 847 •307,810 306, 750 GLASS PRODUCTS Glass containers: Production thous. of gross. 4,581 3,506 4,031 3,653 3,866 3,709 3,515 3,589 3,389 4,129 4,071 4,516 4,662 Percent of capacity 73.6 61.0 65.0 63.6 64.7 64.6 58.8 55.8 55.7 61.4 65.4 69.7 72.0 Shipments thous. of gross. 4,136 3,847 4,178 3,971 3,954 3,491 3,042 3,473 3,323 3,933 3,978 4,485 4,618 Stocks, end of month. do... 8,586 8,354 8,149 7,641 7,493 7,643 8,029 8,179 8,192 8,318 8,336 8,293 8,209 Uluminating glassware: Shipments, total thous. of dol. 357 421 507 551 532 443 443 357 396 Residential do.._ 154 200 266 285 288 227 217 185 201 Commercial do... 130 141 148 153 133 125 130 107 116 Miscellaneous do... () 72 80 93 113 111 91 97 65 79 () () () Plate glass, polished, production, thous. of sq. ft 6,212 5,506 7,676 8,873 12, 883 12, 691 12, 209 10,165 11, 867 7,268 8,036 9,289 Window glass: Production thous. of boxes. 690 330 434 522 641 1,003 943 912 740 729 720 Percent of capacity 42.6 20.3 26.7 32.1 39.5 54.4 61.7 58.1 56.1 45.6 44.8 44.3 GYPSUM AND PRODUCTS Crude: Imports short tons.. 313,120 247, 673 40, 423 291, 810 Production do 806, 957 683,127 541,183 845, 524 Calcined production do 650, 804 534, 415 533, 440 773, 634 Gypsum products sold or used: Uncalcined do 228, 375 192, 931 139, 248 244,163 Calcined: Lath thous. of sq. ft_. 251, 764 214,151 207, 418 297, 267 Wallboard do 89, 994 89, 678 95, 981 113,721 Keene's cement short tons_. 6,591 4,884 5,506 7,781 All building plasters do 432, 779 333, 730 331, 702 486, 494 For manufacturing uses do 34, 523 36, 517 26, 233 25, 515 Tile thous. of sq. ft_ 4,991 4,885 5,228 8,581

' Revised. 1 Discontinued by compilers; data on an index basis appear on p. 20. 2 Discontinued by reporting source. *New series. Fer data on floor and wall tile beginning 1935, see table 31, p. 18 of the June 1939 Survey. For the new series on pneumatic casings and inner tubes, see tables 27 and 28, pp. 16-18 of the May 1939 Survey. fRevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937, and 1938; see tables 27 and 28, pp. 16-18 of the May 1939 Survey. 54 SURVEY OF CURRENT BUSINESS September 1939

CLOTHING Hosiery: Production thous. of dozen pairs__ 9,819 11, 304 11,146 11,848 11,731 10,863 11, 235 11, 374 13,198 11,024 11, 796 11,218 Shipments do 9,482 8,538 11,712 12,440 11.957 11,973 10, 641 10, 211 10, 535 13,142 10, 577 10, 891 10, 294 Stocks, end of month do 25,109 21, 289 21,033 19, 891 19, 933 19, 843 20,217 21, 301 22, 201 22, 317 22, 823 23, 789 24, 773 COTTON C onsumption bales _ 521, 405 448, 453 561, 406 534,037 542, 778 596, 289 565, 307 591, 991 562, 293 649, 237 546, 702 605, 353 578,448 Exports (excluding linters)§ thous. of bales. 107 196 201 389 465 481 361 290 264 330 178 143 114 Imports (excluding linters)§ do... 16 25 18 11 11 14 11 12 10 13 14 12 Prices: Received by farmers dol. per lb_ .084 .081 .082 .085 .085 .082 .083 .082 .083 .082 .087 Wholesale, middling (New York) do___ .097 .089 .084 .081 .086 .091 .087 .089 .090 .090 .088 .099 Production: Ginnings (running bales)#_-thous. of bales__. 137 158 1,336 6,577 10,125 11, 231 11,412 11,553 -11,623 Crop estimate, equivalent 500-lb. bales. _do.__ 11,412 1 11, 944 Receipts into sight do._- 565 211 674 2,500 2,953 1,712 864 417 391 394 246 266 310 Stocks, world, end of month* do... 21, 952 22, 639 47, 584 45, 353 43, 075 40,701 38, 350 35,988 33, 700 31,230 29,150 26,807 24,133 American cotton do___ 14,150 13, 712 24, '.97 23, 428 22, 535 21, 573 20, 647 19, 679 18, 754 17, 722 16, 817 15, 880 14, 936 In the United States.. do___ 13,082 11,446 22,150 21,290 20,303 19, 242 18, 345 17,475 16, 647 15,709 15,021 14, 291 13, 609 On farms and in transit do___ 600 625 11,353 7,244 3,550 2,024 1,390 1,141 1,093 873 827 820 721 Warehouses do_._ 11,632 9,598 9, 782 12,975 15, 283 15, 539 15, 294 14,745 14,034 13,458 12, 940 12,339 11,915 Mills do.__ 850 1, 223 1,015 1,071 1,470 1,679 1, 661 1,589 1,5:0 1,378 1,254 1,132 973 In foreign countries do___ 1,068 2, 266 2,147 2,138 2,232 2,331 2,302 2, 204 2,107 2,013 1, 796 1,589 1,327 Foreign cotton do-_. 7,802 8, 927 23, 287 21,925 20, 540 19,128 17, 703 16, 309 14,946 13, 508 12,333 10, 927 9, 197 COTTON MANUFACTURES Cotton cloth: Exportst thous. of sq. yd 27,800 20, 993 21, 964 26,342 27, 903 28, 544 30,024 2.1, 742 28,145 34, 505 30, 609 24,170 !8, 287 Imports! do_. 6, 750 4,301 5,089 4,981 5,818 4,912 6,188 8,534 9,210 10,108 6,566 5, 581 7,151 Prices, wholesale: Mill margins* cents per lb__ 10.52 11. 52 11.42 11. 23 10.88 10.78 10. 69 10. 46 10.05 10.11 10.01 9.33 9.84 Print cloth, 64x60 dol. per yd-. .047 .047 .044 .043 .045 .045 .043 .043 .042 .043 . 042 .042 .045 Sheeting, brown, 4 x 4 do .053 .055 .054 .053 .054 .054 .051 .050 .050 .050 .049 .049 .052 Finished cotton cloth:% Production: Bleached, plain thous. of yd__ 110, 568 130, 498 128, 642 134,929 134, 661 141,266 127,165 126, 641 144,021 127,858 131,715 127,104 Dyed colors do 74, 656 88, 362 88, 619 95, 372 100,100 102,504 91,115 93,483 109, 652 97,270 98, 292 89,020 Dyed, black do 5, 0?2 6, 741 5.877 6,379 6,617 6,369 4,780 5,130 6, 633 4, 962 5,782 5,843 Printed do 80.588 96,417 89, 396 102, 278 109,136 118,926 107,960 106, 396 127,815 109,250 108,736 90, 265 Spindle activity: Active spindles thousands_. 21,915 21,915 22,189 22,114 22, 445 22,440 22, 525 22,109 21,975 21,788 Active spindle hrs., total mil. of hrs__ 6, 622 5, 9' 5 7'375 6,613 7,118 7,575 7,187 7, 641 7,171 8^236 g,893 7,575 7, 395 Average per spindle in place hours. _ 261 225 280 252 273 291 277 295 277 319 268 295 289 Operations! pet. of capacity.. 81.5 70.2 76.2 76.1 81.9 83.6 82. 3 85.7 87.8 86.6 84.6 81.4 82.2 Cotton yarn: Prices, wholesale: 22/1, cones (Boston) dol. perlb.. .238 .230 .223 .230 .240 .2?5 .2:0 .224 .225 . 225 .235 40/s, southern, spinning do. .346 .338 .335 .337 .341 .338 .335 .335 .335 .335 .335 .335 RAYON AND SILK Deliveries, unadjustedt 1923-25=100^ 925 877 910 704 595 691 745 735 670 664 669 867 Imports§ thous. of lb.. 3, 503 2,074 4,409 3,145 3,147 | 2,031 1,781 2,877 3,395 3,955 3,457 3,322 4,159 Price, wholesale, 150 denier, first quality ! .51 ! .51 .51 .51 (N. Y.)- ._ dol. per lb.. .49 .51 .51 .51 .51 .51 .51 .51 .51 r Stocks, end of mo.* mil. of lb.. 25.0 53.6 41.1 34.6 36.1 40.0 39.5 39.4 39.5 41.1 43.4 41.5 32. 6 Silk: Deliveries (consumption) bales _. 26,142 32,593 38, 504 38, 844 35.631 41, 599 35, 204 40, 816 33, 219 37, 863 27, 802 26,150 26. 256 Imports, raw thous. of lb.. 2,614 4, 073 4,975 5,524 5, 417 6,437 5, 542 5,039 3, 040 3,555 3,943 3, 592 4, 050 Price, wholesale, raw, Japanese, 13-15 (N. Y.) dol. per lb_. 2. 648 1.729 1. 854 1.801 1.9Q0 2.114 2.218 2.393 2. 689 Stocks, end of month: Total visible supply bales_. 73,348 138, 105 135, 347 142,511 151,311 150,718 1 149,778 124, 354 98, 078 86,816 77, 238 61,601 60, 709 United States (warehouses) do 25, 748 42, 305 39, 747 40,711 43,811 46,218 ; 53,278 48, 554 38,178 23,116 20,738 24, 201 19,209 WOOL Imports (unmanufactured)§ thous. of lb.. 14,054 7,104 9,727 j 12,281 | 15,373 j 16,302 j 18,162 i 21,938 17,274 I 25,441 16, 826 20,542 I 14,771 Consumption (scoured basis) :1 Apparel class... do — 27, 489 22, 746 23,136 19,619 I 24,619 j 23,512 29,688 25, 941 22.449 i 21,110 19, 567 20, 244 23, 772 Carpet class do— 7,984 4,996 6,025 6,386 j 8,660 7,716 9,501 9,784 8, 776 9, 856 8,159 5,852 6, 291 Operations, machinery activity (weekly average) :1 Looms: Woolen and worsted: Broad thous. of active hours. 1, 759 1,174 1,499 1,339 1,335 1,529 i 1,759 1,924 1,942 1,580 1, 338 1, 573 1,791 Narrow do _ ^ _ 69 58 80 ! 86 89 81 79 78 75 62 f 9 73 Carpet and rug do ... 155 106 143 I 164 167 ! 171 177 186 209 213 198 17 178 Spinning spindles: i Woolen do_._ 73,739 57, 438 74,710 i 66, 022 66,840 ' 71,110 I 73, 277 73, 480 73,130 60. 041 55 704 63 248 72, 489 Worsted do.... 71, 306 55, 663 69,644 ! 62, 851 70, 205 85,954 I 97, 019 87, 770 82, 226 77, 747 67 613 79 174 82,819 124 136 Worsted combs do.... 132 119 145 I 117 120 146 i 149 129 137 95 117 Prices, wholesale: I i I Raw, territory, fine, scoured dol. per lb. .69: .71 I .70 .71 .74 ! .73 .73 .73 .72 .69 .69 .71 Raw, Ohio and Penn. fleeces do... .32 .29 I .30 I .29 .32 .31 .31 .32 .30 .30 Suiting, unfinished worsted, 13 oz. (at fac- .31 I .28 tory) --- dol. per yd. 1.683 1.535 ! 1.535 I 1.535 1.624 1.634 1.634 1.646 1.683 1. 683 1.683 Women's dress goods, French serge. 54" (at 1.535 I 1. 6S3 mill) dol. per yd 1.015 1.040 I 1.040 I 1.040 1.040 1.015 1.015 1.015 1.015 1.015 1.015 Worsted yarn, 32's, crossbred stock (Boston) 1.040 I 1.015 dol. per lb. 1.13 1.03 I 1.05 I 1.05 1.12 1.11 1.10 1.13 1.13 1.13 1.13 1.06 ! 1.13 «- Revised. ° Total crop. b As of August 1. • Total ginnings to end of month indicated. t Revised series. Cotton spindle activity revised beginning August 1933; see table 18, p. IS, of the March 1939 issue. Data on rayon deliveries revised beginning January 1936; revisions not given on p 94 of the February 1939 survey will appear in a subsequent issue. Data on cotton doth exports revised beginning 1913; revisions not shown on p. 54 of the August 1939 Survey will appear in a subsequent issue. t See note marked with a "J" on p. 54 of the July 1939 Survey. . *New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and financial Chronicle. Data beginning 1920 appear in table 34, pp. 15 and 16 of the August 1939 Survey. For cotton cloth mill margins, data beginning 1925 not shown on p. 54 of the August 1939 Survey will appear in a subsequent issue. Data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown, which was on basis of number of months' supply. Figures beginning January 1930 not shown on p. 94 of the February 1939 Survey will appear in a subsequent issue. § Revised series. Data revised for 1937; see tables 19 and 20, pp 14 and 15 of the April 1939 Survey. 1 Data for July, October, and December 1938, January, April, and July 1939 are for 5 weeks, other months, 4 weeks. September 1939 SURVEY OF CURRENT BUSINESS 55

WOOL—Continued Receipts at Boston, total thous. of lb 55, 355 65, 322 44, 506 16,047 22, 222 24,341 13, 678 15, 539 11,820 13, 608 17,173 31, 461 55, 614 Domestic do 51, 247 64, 582 42,069 10,021 18,487 21, 239 9,009 5,374 6,660 5,939 10, 241 25, 641 51,401 Foreign . .... do . 4,109 740 2,437 6,026 3,735 3,103 4,670 10,164 5,160 7,669 6,932 5,820 4,213 Stocks, scoured basis, end of quarter, total thous. of lb 147, 597 115, 655 94, 506 122,915 Woolen wools, total do 48. 276 46, 686 39,019 39,421 Domestic do 40, 224 37, 065 29,458 31,191 Foreign _ do... 8,052 9,621 9,561 8,230 Worsted wools, total do 99, 321 68,969 55,487 83,494 Domestic do 84, 383 52, 517 33,452 63,128 Foreign do 14,938 16, 452 22,035 20, 366 MISCELLANEOUS PRODUCTS Buttons, fresh-water pearl: Production pet. of capacity. 26.3 22.4 32.2 41.3 37.8 36.3 30.4 23.0 39.2 39.2 34.6 25.2 28.4 Stocks, end of month thous. of gross __ 5, 873 6,853 6,910 7,037 7,155 7,229 7,188 6,480 6,507 6,607 6,641 6,379 6,352 Fur, sales by dealers thous of dol p 1,878 '5.010 4,631 1,465 1,515 1,242 r 1, 524 ' 2,477 r 2, 900 r 3, 551 ' 2, 260 r 2, 561 r 2, 375 Pyroxylin-coated textiles (artificial leather):! Orders, unfilled, end of mo..thous. linear yd.. 2,243 1,835 1,890 2,196 1,908 1,917 2,145 2,451 2,223 2,188 2,252 1,887 2,087 Pyroxylin spread thous. of lb 4.351 3,882 4,849 4,998 4,922 4,289 4,692 5,270 5,079 5,402 4,643 4,727 4,710 Shipments, billed thous. linear yd__ 3,971 3,785 4,429 4,389 4,516 4,168 4,551 4,785 5,119 5,505 4,576 4,759 4,387

TRANSPORTATION EQUIPMENT

AIRPLANES Production, total 1 number_ 211 264 246 182 204 276 Commercial (licensed) do_._ 139 190 183 128 159 174 For export do... 72 74 63 54 45 102 AUTOMOBILES Exports: Canada: Assembled, total number,. 4,760 3,912 3,460 2,946 2,747 5,024 8,499 6,043 6,315 2,274 5,480 6,027 Passenger cars do 3,376 2,558 2,399 1, 753 2,406 3,835 5,806 4,222 4,526 1,592 4,075 4,630 United States: Assembled, total§ do 19, 183 16,443 11,142 10, 888 17,024 29,043 34,978 23,958 27, 351 30,048 27,087 25, 220 27, 087 Passenger cars§ do 8,375 9,222 5,347 2,808 10,930 20,172 21,322 15,126 16,193 17,984 16,213 14, 430 16,213 Trucks§ do 10, 808 7,221 5,795 8,080 6,094 8,871 13,656 8,832 11,158 12, 064 10,874 10, 790 10, 874 Financing: Retail purchasers, total thous. of dol_. 77, 039 SO, 847 62, 561 62, 385 86,047 92,452 76,390 76, 776 113, 847 114,696 133, 707 130, 671 New cars do 39,160 40, 347 29,174 30, 344 51,266 54,933 40,694 40, 374 64, 350 66,064 75, 304 73, 022 Used cars do 37, 386 39,927 32,948 31,613 r 34, 260 37, 955 35, 281 35,975 48,915 48,014 57, 649 57, 028 Unclassified do 493 572 439 428 521 564 415 427 582 618 754 621 Wholesale (mfrs to dealers) do 58,951 40, 037 26, 769 61, 359 126, 650 158, 289 134,150 124,021 153, 007 150, 433 140, 284 118,268 Fire-extinguishing equipment, shipments: Motor-vehicle apparatus number_ _ 75 77 54 57 62 44 73 44 58 83 65 76 90 Hand-type do 35, 527 29,122 32, 321 32,124 30,816 28,509 27,479 30,649 29,878 35, 331 34,790 35, 501 37, 606 Production: Automobiles: Canada, total do 9,135 9,007 6,452 5,774 17,992 18,614 14,794 ' 14,300 17, 549 16, 891 15,706 14,515 Passenger cars do 5, 112 5,273 3,063 4,290 5,412 15, 423 14,198 11,404 10,914 12, 689 12, 791 11,585 10, 585 United States (factory sales), total do 209, 343 141, 443 90,494 83, 534 209, 512 372, 413 388, 346 342,156 303,217 371,940 337, 372 297, 508 309,720 Passenger cars do 150,738 106, 841 58, 624 65,159 187,494 320, 344 326, 006 281,415 ' 243, 000 299,703 273, 409 237, 870 246, 704 Trucks... do 58, 605 34, 602 31, 870 18,375 22,018 52, 069 62, 340 r 60, 741 r60, 217 72, 237 63,963 59, 638 63,016 Automobile rims thous. of rims__ 681 r406 468 819 1,312 1,723 1,818 1,714 1, 443 1,730 1,348 1,244 1,020 Registrations: New passenger cars number.. 148, 896 127, 954 93, 269 119, 053 200, 853 226, £73 203, 212 164,942 248, 038 263, 335 280, 834 243, 741 I\ew commercial cars do 33, 476 34, 231 26, 570 19, 589 23,943 31, 474 37, 715 33,279 45,083 46,063 45, 381 40, 482 Sales (General Motors Corporation): To consumers in U. S do 102, 031 78, 758 64, 925 40, 796 68,896 131,387 118,888 88, 865 83,251 142,062 132, 612 129,053 124,618 To dealers, total do 100, 302 90,030 55, 431 36, 335 123,835 200, 256 187,909 152, 746 153,886 182,652 158,969 145, 786 156,959 To U. S. dealers do 71, 803 61, 826 34,752 16, 469 92, 890 159,573 150,005 116, 964 115, 890 142, 743 126, 275 112,868 124,048 Accessories and parts, shipments: Combined index. Jan. 1925=100.. 133 136 138 148 139 Original equipment to vehicle manufacturers Jan. 1925=100.. 60 58 91 129 150 157 160 140 153 129 120 115 Accessories to wholesalers do 100 104 136 133 126 129 131 140 142 132 115 113 Service parts to wholesalers do 125 143 161 167 142 121 129 129 141 150 154 166 Service equipment to wholesalers do 89 91 83 91 95 105 105 108 108

RAILWAY EQUIPMENT {Association of American Railroads) Freight cars owned and on order, end of mo.: Number _ thousands.. 1,653 1,705 1,701 1,691 1,690 1,682 1,672 1,668 1,664 1,662 Undergoing or awaiting classified repairs 1,657 1,654 thousands. _ 229 241 238 231 235 233 231 225 225 214 221 231 223 Percent of total on line 14.0 14.3 14.2 13.8 14.1 13.9 14.0 13.7 13.7 13.0 13.5 14.2 13.7 Orders, unfilled . cars__ 8,448 10, 234 8,892 7,459 5,153 4,335 5,080 6,637 6,788 6,502 6, 391 9, 261 10,062 Locomotives owned and on order, end of mo.: Owned: Undergoing or awaiting classified repairs number.. 8, 059 7,984 8,108 8,075 8,155 8,133 7,881 8,084 8,053 8,149 8,175 8, 640 8,382 Percent of total on line 20.3 18.6 18.9 18.9 19.1 19.1 18.6 19.1 19.1 19.3 19.4 20. 6 20.1 Orders, unfilled number_ _ 72 26 14 14 7 17 30 25 63 62 61 63 60 (U. S. Bureau of the Census) Locomotives:! Orders, unfilled, end of mo., total-,.number__ 148 64 53 51 82 100 rlOO r 123 ' 132 r 148 '169 151 Domestic, total do 144 56 52 50 73 92 r 113 r 122 ^ 138 '160 143 Electric do 84 38 34 34 62 84 '68 '62 '78 Steam do 60 18 18 16 11 8 45 60 60 63 r Revised. *> Preliminary. tRevised series. ^_Data on^ pyroxylin-coated textiles revised beginmngjranuary 1938 to include figures for 2^small establishments not previously reporting, and to exclude which are for trolley or third-rail and storage-battery locomotives. ^Exclude military planes for domestic use. § Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey. 56 SURVEY OF CURRENT BUSINESS September 1939

Monthly statistics through December 1937, to- 1939 1938 1939 gether with explanatory notes and references to the sources of the data may be found in the Novem- Decem- Janu- Febru- 1938 Supplement to the Survey July July August temb'er October ber ber ary ary March April May June TRANSPORTATION EQUIPMENT—Continued RAILWAY EQUIPMENT—Continued I (U. S. Bureau of the Census) Locomotives—Continued.1 Shipments, domestic, total number... 21 31 Electric do 18 31 Steam do 3 Industrial electric (quarterly): Shipments, total do 102 97 For mining use do 101 96 (American Railway Car Institute) Shipments: Freight cars, total number,_ 877 407 573 2,336 1,662 1,136 1,198 1,148 1,917 2,194 1,312 279 2,149 D omestic do 877 407 550 2,308 1,655 1,023 1,198 1,148 1,917 2,174 1,312 279 2.148 Passenger cars, total do 18 6 22 19 3 0 0 r7 0 0 '12 15 '9 Domestic do 18 22 19 3 9 0 r7 0 0 '12 15 '9 (U. S. Bureau of Foreign and Domestic Commerce) Exports of locomotives, total § number. . 10 Electric§ do 8 Steam do INDUSTRIAL ELECTRIC TRUCKS AND TRACTORS Shipments, total number Domestic do.. Exports do.. WORLD SHIPBUILDING (Quarterly) Launched: Number ships 249 247 Tonnage thous. gross tons 705 690 Under construction: Number ships. 704 716 Tonnage thous. gross tons. J 2,712 I 2,669 2,704 CANADIAN STATISTICS Physical volume of business: Combined index .1926 = 100. 109.1 110.5 119.2 us. 6 123.4 115.6 113.0 111.7 113.2 116.7 121.4 121.4 Industrial production: Combined index do 109.8 110.8 120.7 121.1 128.3 118.1 114.2 114.1 115.2 119.1 123.3 124.4 Construction do 50.6 52.5 52.8 61.7 48.4 62.7 40.3 56.2 47.5 51.3 48.6 59.4 Electric power ___do 212.3 218.3 223.6 220.9 226.4 221.6 230.0 232.3 233.1 226.4 235.5 238. 8 Manufacturing do 101.3 100.9 114.2 113.2 125.3 111.3 111.1 105.0 107.6 109.5 113.3 112.9 Forestry do 101.4 102.2 110.2 107.1 112.8 111.7 120.7 111.6 110.4 120.2 112.6 120.6 Mining do 192.1 198.6 202.1 201.4 206.6 183.1 176.8 190.9 196.7 219.6 232.7 228.9 Distribution: Combined index do 107.0 109.5 114.9 111.5 109.2 108.6 109.3 104.9 107.4 109.6 115.9 112.9 Carloadings do 71.5 76.3 81.0 76.0 74.2 73.7 70.7 66.7 71.8 69.2 81.1 71.3 Exports (volume) do 104.3 127.1 162.6 132.0 122.7 100.0 141.2 110.1 108.4 126.9 138.0 145.8 Imports (volume) do 79.8 82.6 84.4 89.1 85.7 75.8 77.6 71.7 73.9 78.0 91.2 87.7 Trade employment do 133.7 131.9 134.0 133.7 132.5 137.0 133.8 133.4 135.0 137.2 138.0 137.5 Agricultural marketings: Combined index do 40.3 89.2 123.9 145.6 101.6 85.7 52.0 32.3 48.1 60.3 102.6 40.5 Grain do 29.7 91.9 135.1 162.7 106.6 88.4 46.3 23.5 40.7 58.5 105.9 33.8 Livestock do 87.3 77.0 74.0 69.0 79.1 73.6 77.9 71.7 81.2 68.1 87.5 70.5 Commodity prices: Cost of living do 83.1 84.2 84.9 84.1 83.9 83.8 83.6 83.3 83.1 83.1 83.1 83.1 82 9 73.3 Wholesale prices do 72.6 78.6 76.0 74.5 74.1 73.5 73.3 73.2 73.2 73.2 73.4 73.7 Employment (first of month): Combined index do 115.8 113.5 112.1 115.1 116.7 114.6 114.0 108.1 106.5 106.5 104.9 106.2 113.1 Construction and maintenance do 133.1 124.9 128.0 133.8 143.5 122.5 112.8 96.4 89.4 94.3 91.6 94.2 115. 3 Manufacturing do 111.3 111.8 110.0 113.8 112.5 110.9 110.1 104.3 106.0 107.0 107.1 108.4 111.4 Mining do 164.1 154.5 153.6 157.4 160.8 163.4 163.3 160.4 160.5 160.9 157.4 155.8 160.5 Service do 147.6 146.1 143. 5 146.7 136.1 132.8 131.7 131.7 129.5 128.5 131.4 133.2 141.8 Trade do 137.4 133.3 132.1 131.0 134.5 135. 6 139.7 144.8 131.0 128.9 131.1 135.1 136.6 Transportation do 87.6 86.9 88.7 90.1 87.9 85.0 79.9 79.4 80.3 79.3 81.4 86.5 Finance: Banking: Bank debits mil. of dol._ 2,466 2,371 2,655 2,976 2,965 2,905 2,512 2,050 2,428 2,473 2,839 2,831 Commercial failures* number.. 93 72 102 81 92 122 71 120 121 83 Life insurance sales, new paid for ordinary! r thous. of doL. 32, 244 • 30, 635 <• 28, 446 ' 27, 928 32, 372 r37,167 >• 36, 475 30, 434 30, 879 33, 578 28,229 33,657 35, 766 Security issues and prices: New bond issues, total do 73,633 98, 451 51, 399 51, 474 108, 958 104, 930 86,142 139, 515 54, 657 128, 304 151, 083 210, 421 112,400 Bond yields 1926=100.. 60.1 62.7 62.7 65.3 63.2 61.5 61.8 62.1 61.9 61.1 63.0 62.4 60.1 Common stock prices do 97.3 106.9 105.2 98.6 109.7 110.4 106.8 102.9 104.1 103.7 96.2 99.2 97.0 Foreign trade: Exports, total thous. of dol_. 78, 720 86, 538 108, 542 102, 719 94, 075 70, 452 81, 773 62, 399 77,199 56, 507 94, 883 94.501 Wheat thous. of bu_. 7,248 6,266 12, 615 24. 579 21, 704 15, 983 7,879 5,746 6,564 2,832 13, 655 14, 637 Wheat flour thous. of bbl._ 403 283 286 320 529 478 365 380 291 361 275 516 401 Imports do 55, 823 57, 026 56, 412 63, 909 63, 304 44, 286 43, 743 40, 380 58, 381 41, 908 63, 709 Railways: 72,958 Carloading thous. of cars.. 183 213 250 257 219 178 171 160 191 179 195 Financial results: 215 Operating revenues thous. of dol_. 25, 773 28, 439 34, 504 37, 609 30, 431 27, 521 23, 798 22, 652 25, 700 25,191 Operating expenses.._ do 24, 515 26,103 26, 919 25, 681 22, 661 22, 633 22, 923 22, 921 24, 333 22, 906 29,680 Operating income do 1,095 6,375 10, 684 6,502 3,597 <*382 <* 1, 490 193 1,029 25,261 Operating results: Freight carried 1 mile mil. of tons.. 1,689 2,063 3,389 3,924 2,668 2,100 1,871 1,707 2,054 1,957 3,190 Passengers carried 1 mile mil. of pass.. 192 172 153 119 101 123 122 127 129 2,431 Production: 134 Electrical energy, central stations mil. of kw-hr.. 1,988 2,076 2,164 2,329 2,376 2,350 2,387 2,214 2,367 2,197 2,333 2,245 Pig iron thous. of long tons.. 60 51 50 51 46 53 58 41 41 46 58 53 Steel ingots and castings do 111 84 83 74 76 90 79 78 96 100 121 108 Wheat flour thous. of bbl 1,106 929 1.103 1, 639 1,906 1,606 1, 052 1, 098 1.037 1,194 1,114 1,192 1.188 ' Revised. d Deficit. *New series. Data compiled by Dm and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934 will appear in a subsequent Survey. §Revised series. Data revised for 1937: see table 19. p. 14 of the April 1939 Survey. tData on life insurance sales revised; 1938 revisions not shown above in thousands of dollars, are January, 31,287; February, 31,796; March, 33,461; April, 30,612; May, 31,016, and June 35,660. Earlier revisions will be shown in a subsequent issue. ISee footnote marked with a "t" on p. 55. U. S. GOVERNMENT PRINTING OFFICE: 1939 ENDEX TO MONTHLY BUSINESS STATISTICS

Page Crops____ 19,20,42,43,44,54 New Jersey, emp^ Currency in circulation -- 32 Newsprint -_.,' CLASSIFICATION, BY SECTIONS Dairy products ----- 19,20,41,42 New York, emp Debits, bank . 30 traffic _ Monthly business statistics: Page Debt, United States Government.. - 32 New York Stock 1 Business indexes - - - - 19 Delaware, employment, pay rolls 26, 27, 29 Oats. Commodity prices - - _ - _ - - 20 Department-store sales and stocks . 24 Ohio, employmentsl'^^^fi'fS"^^0ltit Construction and real estate 21 Deposits, bank . _ —— 31 i i i Domestic trade 23 Disputes, industrial . . .-- 27 Ohio River trafficl,»^«*>;'ii»V*»i ** **'% ^l*'^' " Employment conditions and wages. . 25 Dividend payments.. - 35 Oils and fats. ^Û^^^C* Oleomargarine Finance ~ 30 Earnings, factory, average weekly and Foreign trade 36 hourly______-__ 28, 29 Paint sales Transportation and communications. 37 Eggs _.. — - 19, 20,44 Paper and pulp..***.- Statistics on individual industries: Electrical equipment 51 Passenger-car sale* II Chemicals and allied products 38 Electric power, production, sales, revenues.. 40, 41 Passengers carried, J 40 Electric street railways . 37 Passports i Electric power and gas _ _. Pay rolls: Foodstuffs and tobacco _ 41 Employment: 45 Factory- Fuels and byproducts Cities and States,..™ - 26 Factory, by dttim L Leather and products 46 Nonmanufacturing . .» 26 Nonmanufactuifilllîj Lumber and manufactures 47 Emigration. . 38 Pennsylvania, empjIofflOi Metals and manufactures: Enameled ware . . 49 Petroleum and producte—.— Iron and steel 48 Engineering construction_ „ _, . 22 Nonferrous metals and prod- Exchange rates, foreign . 32 Pig iron *^ ucts 49 Expenditures, United States Government. _ . 32 Porcelain enameled p Machinery and apparatus 50 Explosives .- 38 Pork__. Paper and printing 51 Exports _ — 36 Postal business.^,^^^ Rubber and products 52 Factory employment, pay rolls 25, 26, 27, 28 Postal savings--**^.* Stone, clay, and glass products 53 Fairchild's retail price index -. 20 Poultry *„',!,.. Textile products 54 Fares, street railways 37 Prices: Transportation equipment 55 Farm prices, index. _- 20 Retail indexes -4,^^^ Canadian statistics . 56 Federal Government, finances .. 32,33 World, foodstu^ Federal-aid highways 22, 29 Printing- Federal Reserve banks, condition of 30 Profits, C( Federal Reserve reporting member bank Public relief- statistics „__. . . 30 Public utilities „*»;«.« Fertilizers _..__ _ 39 Pullman Co mm Fire-extinguishing equipment 55 Pumps m~m*{***i Fire losses - . 23 Purchasing power of t Fish oils and fish „ 39, 44 Radiators __._.-^ CLASSIFICATION, BY INDIVIDUAL Flaxseed ._ 40 Radio, advertising.,* SERIES Flooring, oak, maple, beech, and birch 47 Railways: operatT Flour, wheat - 43 statistics ,^ Page Food products 20, 25, 26, 28, 29, 41 Railways, street-**—•^•^••*»»^ Abrasive paper and cloth (coated) 52 Footwear 46,47,53 Ranges, electriC-^-W*-**^^^^ Acceptances - 30 Foreclosures, real estate 23 Rayon. Accessories—Automobile 55 Foundry equipment 50 „,. Advertising 23 Freight cars (equipment) 55 Reconstructiooutstanding...n Ftf* J'iJw Agricultural products, cash income received Freight carloadings, cars, indexes 37 Refrigerators, el«m " from marketings of 20 Freight-car surplus - 37 Registrations, auto Agricultural wages, loans 29, 30 Fruits 20, 42 Rents (housing), \ Air-conditioning equipment _ - 50 Fuel equipment 50 Retail trade: Air mail _ 23 Fuels. _ 45,46 Automobiles, new, ] Airplanes 38, 55 Furniture „___„ 48 Chain stores: "'•>••" Alcohol, denatured, ethyl, methanol . _ 38 Gas, customers, sales, revenues 41 5-and-10 (variety)—--- Aluminum 49 Gas and fuel oils ...... 45,46 Grocery. - *. * ;»(((!g#^*..» f Animal fats, greases -.-.- 39 Gasoline - .__ 46 Department atOftCJy r—»^. ^ ^ Anthracite mining.. .__ 19, 26, 28, 45 Gelatin, edible._ — -_._ „_ 44 Mail order.-.*,ii.'*^î**^ Apparel, wearing 20, 24, 25, 26, 27, 28, 29, 54 General Motors sales . , , „_ 55 Rural general merchandiie. Asphalt.-. _ „ 46 Glass and glassware.. 19, 25, 27, 28, 29, 53 Rice ---+,^-"4'*. Automobiles 19, 23, 24, 25, 27, 28, 29, 55 Gloves and mittens 46 Roofing ^*.^!»ii Babbitt metal - _ -_- 49 Gold... — 32 Rubber, crude,!,p«^|^ Barley _ 42 Goods in warehouses..._ 23 tires.- ^..ît«' 19,20, 3 Bathroom accessories . 53 Grains - 20,34,42,43 Savings deposits—...-^,"' Beef and veal 43 Gypsum „ _ 53 OilCCO Q.OQ. lditXKO0># a* $**&' Beverages, fermented malt liquors and dis- Hides and skins 21,46 Shipbuilding — ^*i!« tilled spirits 41 Hogs.. _ 43 Shoes ,. U#V Bituminous coal 19, 20, 26, 28, 45 Home loan banks, loans outstanding , 23 Silk .*»»W* Boilers _ _ _ 48,49 Home mortgage insurance 23 1^ Bonds, prices, sales, value, yields 30,35 Hosiery - 54 Skins Book publication 52 Hotels.._ _ 26,28,38 Slaughtering Boxes, paper 52 Housing.- 20, 22, 23 Brass. —_ __ 50 Illinois, employees, factory earnings 26, 27,29 Spindle activity* < Brick 53 Imports 36,37 Steel, crude, mam, , Brokers' loans 30 Income-tax receipts 32 Steel, scrap, expflftojlt Bronze 50 Income payments-.. . 19 Stockholders ., . ^ r Building contracts awarded 21, 22 Incorporations, business 23 Stock indexes, imd Building costs . 22 Industrial production, indexes 19 Stocks, departmfnt^ff Building materials.. _ 20, 47, 53 Installment sales, New England 24 Stocks, issues, price*, i Building permits issued 21, 22 Insurance, life . . 31 Stone, clay, and gla»sj Butter _ __ 41 Interest and money rates 30 Sugar .--^^^-A Canadian statistics „ . 56 Iron ore, crude, manufactures 19, 48 Sulphur _----«. „ m m*,*^*,^ Canal traffic 37, 38 Kerosene.. „ 46 Sulphuric acicL*^^ Candy . 44 Labor turn-over, disputes 27 Superphosphate--^—.. Capital flotations. _ 33, 34 Lamb and mutton , 43 Tea .-^---^-*,»-.---*--- Carloadings . 37 Lard 43 Telephone, telegraph, cabte, and Cattle and calves 43 Lead_ 19,49,50 graph cairieii^^^ Cellulose plastic products 40 Leather 19, 21, 25, 26, 27, 28, 29, 46 Textile Cement _ 19, 53 Leather, artificial 55 Tile, Chain-store sales 24 Linseed oil, cake, and meal 40 Tin Cheese 41 Livestock 19,20,43 Tobacco Cigars and cigarettes 44,45 Loans, agricultural, brokers', real estate.. 23,30, 33 Tools, n Civil-service employees 26 Locomotives . . 55, 56 Trade unions, Clay products __ 25, 27, 28, 29, 53 Looms, woolen, activity 54 Travel.. Clothing 20, 24, 25, 26, 27, 28, 29, 54 Lubricants 46 Trucks and trac Coal.. 19, 20, 26, 28,45 Lumber 20, 25, 27, 28, 47 Uid S aQ Cocoa _ 44 Machine activity, cotton, wool 54 United State* Qj^g Coffee . 44 Machine tools, orders 50 United States Steel < Cokc__ . 45 Machinery — — — 25, 27, 28, 50 Utilities •i~U Collections, department stores , 24 Magazine advertising . 23 Vacuum cleaner*. . Commercial failures 31 Manufacturing indexes 19 Variety-store ^ Commercial paper 30 Marketings, agricultural - 19, 20 Vegetable il Construction: Maryland, employment, pay rolls... 26, 27 Wages. Contracts awarded, indexes 21, 22 Massachusetts, employment, pay rolls 26, 27 Warehouses, space c Costs. 22 Meats. .- 19,20,43 Waterway bra Highways 22 Metals-....,------19, 21, 25, 27, 28, 29, 48, 49, 50 Wholesale pric , Wage rates 29 Methanol .._ 38 Wire cloth- II4 Copper 49 Mexico, silver production - 32 Wisconsin, Copra and coconut oil. 39 Milk .-_ 41,42 wages _„ Cost-of-living index. 20 Minerals __.. 19, 26, 28, 45, 49 Wood pulp---uL.j. Cotton, raw and manufactures 20, 21, 54 Naval stores..- - 39 Wool. Cottonseed, cake and meal, oil _. 39 Netherlands, exchange rates 32 Price 1938 25 cents JL WORLD NEW REVIEW OF THE CHEMICAL WORLD DEVELOPMENTS DEPARTMENT OF COMMERCE CHEMICAL INDUSTRY- BUREAU Of FOREIGN AND DOMESTIC COMMERCE COVERS 60 COUNTRIES 205 Pages DISCUSSES New Developments* • Plastics ••••••• • • • Solvents* ••••••••• New Processes < Paints •••••••••• Pigments • • Plant Expansion* Paint Oils Naval Stores ••••••• Cartels Gums, Waxes, Resins and Balsams • Export Bounties and Industrial Chemicals and other Gov't. Assistance Chemical Specialties • • Insecticides #••••••• Branch Factories • • • Drugs, Medicinals, and Toilet Requisites • • • • Foreign Trade« Dyes, Coal Tar Products, ••••••••• Etc. < Etc.

Copies of the above publication may be obtained, at the price stated, from the Superintendent of Documents, Government Printing Office, Washington, D. C, or any District Office of the Bureau of Foreign and Domestic Commerce located in commercial centers throughout the United States